Will You Owe Your Allowance Back To Your Parents Someday?
Allowance - al·low·ance (n.) - Something, such as money, given
at regular intervals or for a specific purpose.
Thinking back, most of us recall growing up and receiving a weekly or monthly
allowance. Whether it was for mowing the lawn, cleaning our rooms, or doing
the dishes, the idea of having free money was very exciting.
Of course, the allowance days are over! You’re now generating your
own income through other sources than your parents (although the idea of
receiving allowance forever is intriguing). While you’ve come into
your prime earning potential, your parents on the other hand are beginning
to enter their Retirement phase. They are going to begin depletion of the
retirement assets they’ve (hopefully) been building over the years.
As children, we don’t normally think of taking care of our parents
financially during retirement. However, a growing percentage of young adults
are facing the realization that their parents have not adequately saved for
retirement and will ultimately look to the children to help cover some of
their costs. Thus, some of us might find ourselves in a scenario where we
might be required to “pay back our allowance” to our parents
in order to cover retirement expenses. And, yes, it might be much more than
the allowance you received! The following short article highlights a) some
of the warning signs we, as young adults, should be aware of and b) things
we can do to help our parents cover their ever-increasing costs of retirement.
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