"A recent study from The Center For Retirement Research at Boston College tells the tale. In it, BC researchers show that the idea of extra income for parents after kids leave the house is a myth. It's not because parents don't have extra cash on hand when junior moves out of the basement. It's just that mom and dad spend the money quickly, on things like vacations and high-end home projects.
And that's not good for their long-term financial health."
short, empty-nesters appear to spend most of the new-found slack in
their budget, rather than save it, a choice that will undermine their retirement security," says Irena Dushi, lead analyst and researcher on the study.
See yourself in this mirror? Need inspiration to put those former kid-related expenditures to work for your retirement? Still supporting junior who is among the many millenials still tapping into the bank of mom and dad? Read: https://www.thestreet.com/story/13665436/1/empty-nesters-need-to-trim-household-expenses-to-save-their-retirement-prospects.html