Close the bank of Mom and Dad
Adults ages 18 to 34 were slightly more likely to be living with their parents than with a spouse or partner in 2014, for the first time in 130 years, according to the Pew Research Center. And even for those who have flown the coop, you may still be helping with expenses. To keep your retirement saving from going off track, brainstorm with your child to come up with a plan toward financial independence.
“Set both short-term and long term goals to make it more achievable,” says Kathleen Adams, a financial planner in Redondo Beach, Calif.
Perhaps your daughter will find a part-time or full-time job in three months, with an eye toward affording an apartment she can share in a year or two.