How to Help Your Kids Without Ruining Your Retirement

Here are some general considerations to ensure the gift of assets to your kids will not negatively affect your financial future.

Young adults and their parents cook together.
(Image credit: Getty Images)

Recently, I vacationed with my adult kids and their spouses at a house we rented in Arizona. My wife and I cherish family time, and creating opportunities for everyone to gather is a priority for us, especially now that they are grown and working hard to establish their careers. We genuinely enjoy spending time with our children and love to hear about their lives and goals.

During our stay, our son and his wife shared that they had started looking to buy their first home. We discussed the house-buying process and how to finance the purchase. We also let them know we would be willing to help them with their down payment. I will always treasure the look of genuine appreciation on their faces, knowing this would allow them to buy something a little nicer.

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The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.

Mario Hernandez