We had an interesting discussion with a client this week. They were concerned about one of their adult children who’s about to start a family, but they don’t have any spare cashflow because of their big mortgage. Our client was concerned that if anything goes wrong, they aren’t adequately protected, but their kids don’t seem worried.
It reminded me of a situation from a few years ago where someone else I knew was in the same situation – and their retirement plans were blown out of the water because one of their grown up children suffered a significant health event, and had to move back home to be supported and cared for.
We talk about the impact on them, and also steps you may consider taking to prevent the financial issues they experienced.
