Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Would you dig into your retirement money to loan it to one of your kids?
So, you work all your life to save and plan for your future when you retire. One day one of your kids show up with a sad story and in dire need for some money to get them along until things get better. This adult child has many, many years to recover from this predickment they are in at this time but you are retired, this is money you planned ahead for, made sacrifices and wiser choices to save and you have no way of replacing if they can not pay it back.
Would you let them have it knowing that is all you will have and no chance of replacing it if they don't pay it back?
That's way to vague a question. It would depend on child's predicament, how much $$$ they needed to get along and only after researching avenues for them to help themselves.
That's way to vague a question. It would depend on child's predicament, how much $$$ they needed to get along and only after researching avenues for them to help themselves.
Yup agreed...lets be a bit more specific on the situation.
1 in 3 adults live with their parents.
give um your retirement money bek mama says?
many a man has dropped dead trying to make mama happy.
what is the difference between a codependent and a pit bull
a pit bull knows when to let go.
its not all about the kids is it?
Would you dig into your retirement money to loan it to one of your kids?
So, you work all your life to save and plan for your future when you retire. One day one of your kids show up with a sad story and in dire need for some money to get them along until things get better. This adult child has many, many years to recover from this predickment they are in at this time but you are retired, this is money you planned ahead for, made sacrifices and wiser choices to save and you have no way of replacing if they can not pay it back.
Would you let them have it knowing that is all you will have and no chance of replacing it if they don't pay it back?
Seems like you framed this to already have your answer. Care to be more specific about the problem and alternatives?
This adult child has many, many years to recover from this predickment
Quote:
Originally Posted by njkate
That's way to vague a question. It would depend on child's predicament, how much $$$ they needed to get along and only after researching avenues for them to help themselves.
Ohhh.........
predicament!
I thought it was some kind of medical problem and treatment.
In a way you could say a reverse equity loan is. You are borrowing your kids future inheritance to fund your retirement in a way of sorts.
The typical high fees of tens of thousands of dollars and the cap on how much you can get usually have you running out of money and home equity early in the game.. not a good idea for most. (bet they forgot to mention that in the brochure)
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
