Can my parents afford to give me the money?
Adult children may have a hard time imagining their parents with money problems of their own. But if you’re about to approach them for money, now is a good time to reflect.
“Are they struggling?” said Laura Mattia, a certified financial planner in Sarasota, Florida. “Are they concerned about health issues? Are they feeling overly generous and like they’re in a good place? Because, if they’re not, it’s possible you could create emotional strain on them just by asking. Because they’re going to want to say ‘yes.’”
Your parents have their own retirement plan to think of, or at least they should. A large financial gift to a child could mean postponing their retirement or retiring without enough funds to cover their care. And they might not want to burden their child with that knowledge.
“We have seen some parents unable to say ‘no’, leaving themselves compromised,” Mattia said.
If parents aren’t sure about their own financial footing, they should consider consulting a financial adviser, Mattia said. Otherwise, they could risk upending their own retirement, potentially leaving them dependent on their children.
“No parent wants to put themselves in a situation where now they must rely on their children in later years,” she said.