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Hamptons.com
December 12, 2019

Helping Adult Kids Without Harming Your Own Financial Future

Rocco A. Carrieroby Rocco A. Carriero
in Real Estate
Home Real Estate

Would you be willing to delay your retirement to help your child pay for their first car, college education or wedding? Increasingly a lot of Americans say the answer is yes. According to a recent study publish by Ameriprise Financial, 1 in 3 parents say they have delayed or are willing to delay their retirement to help pay for their children’s college education.* And the financial support often continues in adulthood – parents also help their adult children pay for major milestones such as their first home and weddings, sometimes at their own detriment.

As a financial advisor, I help families grapple with this kind of financial quandary. Here’s the advice I offer parents who want to give their adult children a financial head start without harming their own financial future:

Prioritize saving for your own retirement. It takes many years to accumulate the savings you need to retire comfortably. Your children are likely just starting their careers, while your time remaining in the workforce may be limited to 5, 10 or 15 years. Putting yourself first isn’t a selfish move. It’s about being wise with your money. If you make it a priority to have enough saved when you retire, your kids won’t have to worry about providing you with financial support later in life.

Be strategic with your financial gifts. Like other monetary goals, it’s important to add gifts of cash to your overall financial plan. When you treat cash gifts separately, you shortchange other priorities such as retirement. What will it cost you to divert savings from your retirement plan? With a complete list of financial priorities, you can see how much you need to save to reach them all.

Consider alternate approaches to helping your kids.There may be ways to help your kids other than by dipping into savings. Encourage them to take financial responsibility when they can do so. Your college-bound son or daughter may be able to take out student loans at a low interest rate, which will reduce or eliminate the amount you need to contribute for tuition. Instead of writing a check to help your child buy a car or house, you might co-sign on a loan to help them lock in a lower-interest rate or more favorable repayment terms.

Have conversations about money. Your willingness to talk about your finances is a valuable example for your adult children. So too is your attention to your retirement savings. I encourage parents to invite their adult children to attend a financial planning session with a financial advisor. It’s a time to address money concerns and explore how actions today can affect your future finances.

* The Modern Money study was created by Ameriprise Financial, Inc. and conducted online by Artemis Strategy Group December 11-25, 2018 among 3,008 U.S. adults between the ages of 30-69 with at least $100,000 in investable assets. For further information and details about the study, including verification of data that may not be published as part of this report, please contact Ameriprise Financial or go to Ameriprise.com .

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The Holiday Spirit To Spread Throughout Downtown Riverhead

The Holiday Spirit To Spread Throughout Downtown Riverhead

  • The Animal Rescue Fund of the Hamptons (ARF Hamptons) hosted the Bow Wow Meow Ball in East Hampton. The evening’s honorees, Ellen and Chuck Scarborough, were presented with the Champion of Animals Award, recognizing their more than twenty-five years of support to ARF. ⁠
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Over 400 guests celebrated ARF’s remarkable work with cocktails, followed by dinner catered by Olivier Cheng. Peter Marino, accompanied by his daughter and ARF Board Member Isabelle Trapnell Marino, presented the Scarboroughs with their award. ⁠
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📸: Patrick McMullan/PMC⁠
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Check out the full gallery at Hamptons.com (Link in Bio)⁠
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#arf #bowwowmeowball #hamptons #animalrescuefund #animalrescue
  • Make sure to add this event to your list for next summer
#Seafood #localeats #mtk #montaukgreen
  • I recently toured the new Rolex Boutique by London Jewelers in East Hampton, and it’s one of the most beautiful retail spaces I’ve ever stepped into. Located on Newtown Lane, the boutique is set inside a restored historic home that dates back to 1897, originally designed as a summer cottage.⁠
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From the outside, it has that classic East Hampton charm, cedar shingles, white trim, and lush landscaping. But once you step inside, it’s all about quiet sophistication.⁠
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The space is warm and welcoming, with walnut wood paneling, soft neutral tones, and beautiful textures throughout. There’s a fluted marble wall in a rich green Verdi Alpi stone that immediately catches your eye. It’s one of those details that’s understated but unmistakably Rolex.⁠
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Read the full article at Hamptons.com (Link in Bio)⁠
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#rolex #easthampton #hamptons #luxury #watch⁠
  • 🎾 Men’s US Open Final Viewing Party⁠
📅 Sun, Sept 7 • 2–5PM⁠
📍 Canoe Place Inn, Hampton Bays⁠
Watch the riveting Men’s US Open Final with drinks, grilled classics & fellow tennis fanatics in the lush garden.⁠
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🦞 Montauk Seafood Festival⁠
📅 Sat, Sept 6 – Sun, Sept 7 • 12–5PM⁠
📍 On the Green, Montauk⁠
The ultimate seafood event in the Hamptons! Lobster rolls, fish tacos, chowder, oysters & more 🐚🍤⁠
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🩰 Master Class w/ Kat Wildish⁠
📅 Sat, Sept 6⁠
📍 Hamptons Ballet Theatre School, Bridgehampton⁠
Open-level adult ballet class with world-renowned former NYCB & ABT dancer Kat Wildish. One day only!⁠
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🎶 Hamptons Festival of Music⁠
📅 Sat, Sept 6 • 7PM⁠
📍 St. Luke’s Episcopal Church, East Hampton⁠
THFM’s MainStage Festival Orchestra featuring The New American Sinfonietta 🎻✨⁠
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🌾 Outstanding in the Field (Sagaponack)⁠
📅 Sun, Sept 7 • 3PM⁠
Dine where the food is grown! Guest chef Jason Weiner returns for his 19th year 🍽️🌱⁠
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😂 Samantha Bee Live⁠
📅 Sat, Sept 6 • 8PM⁠
📍 WHBPAC, Westhampton Beach⁠
Award-winning comedian Samantha Bee brings her one-woman show to the Hamptons!⁠
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🍴 Stirring The Pot: Andrew Carmellini⁠
📅 Sun, Sept 7 • 11AM⁠
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Join Indigenous artist Savannah LeCornu to learn traditional beading techniques.⁠
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An unforgettable day of golf supporting Westhampton Beach PAC 🌟⁠
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  • Hamptons fashion week was hosted at Zoe Hospitality Private Membership Club, featuring designer Johnny Was, Porshia Swim, Vernice Holmes, Atelier H, Cesar Galindo, SixyByVenice and Ines Hernandez Hats.

#hamptonsfashionweek
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