My wife gives our wayward son $25,000 a year! What should I do?
One man says his spouse is spending their retirement savings
Terrence Horan/MarketWatch
Its a beautiful Sunday morning, thank you once again for visiting my blog. I saw this post while browsing the internet on the moneyologist column of money market and it caught my attention, as i do know that many of us parent tend to think we love our kids better than how they should be loved. But we forget over loving or pampering of kids can make us cry in old age. That said, t even in old age, we could still change them, (its better late than late), lets take a stroll down to read what a spouse still gives a stubborn child and lets help them out.
Dear Moneyologist,
My wife and I have three sons. We are in our mid 60s and both of us will retire within the next two to five years.
Two of our sons are working and have children. The third son is married and has health problems that prevent him from working more than part-time from home. He has been getting money from his mother all his life and, in the last few years, he has been getting between $16,000 and $25,000 a year, and it’s increasing every year.
My main concern is that between our living expenses and supporting junior we will be broke, if not dead, in 15 to 20 years. Aside from limiting our retirement travel options it will leave us with little or no estate for our heirs. We own our mortgaged home and have long-term care insurance and I hope that cushions us some.
I would like to leave our estate, if anything is left, to our other two sons and exclude junior. My wife is having a fit over this and thinks that is unfair. Clearly I think the existing support to junior is unfair to us and at least should be taken into account when we have died.
Any advice would be greatly appreciated.
Comments