46% of Parents Would Take a Retirement Plan Withdrawal to Help an Adult Child. Here's Why You Shouldn't
When you become a parent, you essentially make a lifelong commitment to care for the beings you've brought into the world.
When your kids are young, that often means sacrificing a social life to attend dance recitals and soccer games. When your kids are in college, it could mean driving luggage across multiple state lines to help your children settle into their dorms. And when your kids grow up, it could mean dropping everything to pick your grandchildren up from day care when their parents get stuck in a late-day meeting.
But the support you provide your children in adulthood may extend well beyond logistical and emotional support. You may also be in the habit of providing financial support. And that's totally fine -- if you can afford it. But you should also know that raiding your retirement savings to support your grown kids is a move you might sorely regret down the line.
Source Fool.com
