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Old 09-29-2009, 10:43 AM
 
Location: In the real world!
2,178 posts, read 8,488,334 times
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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?
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Old 09-29-2009, 10:50 AM
 
Location: Savannah GA/Lk Hopatcong NJ
13,107 posts, read 24,913,729 times
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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.
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Old 09-29-2009, 10:54 AM
 
Location: The Milky Way Galaxy
2,256 posts, read 6,085,396 times
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Quote:
Originally Posted by njkate View Post
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.
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Old 09-29-2009, 10:56 AM
 
Location: southern california
55,696 posts, read 74,690,590 times
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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?
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Old 09-29-2009, 11:31 AM
 
Location: Sacramento
13,784 posts, read 23,825,651 times
Reputation: 6195
Quote:
Originally Posted by Laura707 View Post
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?
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Old 09-29-2009, 11:42 AM
 
71,811 posts, read 71,919,037 times
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Theres a hundred ways the kids can get loans but i dont know of one loan you can get to fund your retirement
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Old 09-29-2009, 11:52 AM
 
819 posts, read 1,364,875 times
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Only if you do not need it for YOUR retirement!
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Old 09-29-2009, 11:54 AM
 
29,815 posts, read 34,907,142 times
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Quote:
Originally Posted by mathjak107 View Post
Theres a hundred ways the kids can get loans but i dont know of one loan you can get to fund your retirement
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.
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Old 09-29-2009, 11:59 AM
 
8,211 posts, read 11,929,872 times
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Quote:
Originally Posted by Laura707 View Post
This adult child has many, many years to recover from this predickment
Quote:
Originally Posted by njkate View Post
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.
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Old 09-29-2009, 12:11 PM
 
71,811 posts, read 71,919,037 times
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Quote:
Originally Posted by TuborgP View Post
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)
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