Posted on 02/11/2020 3:44:00 AM PST by rightwingintelligentsia
A national survey conducted by Loandepot finds 77 percent of Millennial and Gen Z-ers are expecting financial assistance from their parents to purchase their first home.
The most common expectations included help with a down payment (38 percent), co-signing the mortgage (31 percent) and helping with closing costs (24 percent).
Of those expecting down payment assistance, the majority of respondents were looking for less than $10,000.
Alarmingly, 18 percent of parents responding to the survey who indicated they would help their children also said they were putting their retirement on hold to do so. Parents whose children were still living at home were the most willing to put retirement on hold until their nest was empty.
(Excerpt) Read more at wpxi.com ...
I’m a lucky man.
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Also, I don’t understand why we’re “alarmed” that some older adults are delaying retirement, given the nation’s underreported but growing issue with pension underfunding.
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The only ‘issue’ are those pension “promises” made on the backs of the taxpayer; not so much those of the private sector.
Yes, you are. I keep reminding our youngest two children (10 and 8) that although their dad and I are super old, they’ll each have their own room once just a few more siblings move out!
A lot of private-sector pensions are under-funded, too. Pretty much everything that’s defined-benefit instead of defined-contribution.
They’ve all turned out ok, so no complaints.
Well, maybe a couple...lol.
It’s definitely a different generation. I sometimes wonder how my parents managed to raise me to be the extraordinary person I am, when my kids are such goofballs!
None of ours has asked for help with buying a house, but if one did, it could be considered. I put my 22-year-old son’s college tuition on a credit card last year, with a handshake agreement that he’ll pay us back someday. Starting this year, his employer is paying.
I am likewise blessed.
Two adult daughters. College educated. Married. Own their own homes. Did not ask me for anything but help with moving.
I used to work with actuaries. I’ve never lost interest in finance and statistics.
Congratulations to you and your family! I’m hoping all mine will reach adulthood with no lost limbs and no felony record ...
This may be wrong or offensive but it is nothing new at all.
I know of many boomers whose parents kicked in on down payments and cosigned back in the 70s when interest rates were so high. I also know many who kicked in for college for the grand children in the 90s. I always marveled at this. First that they could and would do it and second that the children would let them.
Never could and never would were the terms I had.
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A lot of private-sector pensions are under-funded, too. Pretty much everything that’s defined-benefit instead of defined-contribution.
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That might be true, but the taxpayers aren’t on the hook for ‘em either.
Yes, they are, through the Pension Benefit Guarantee Corportation, a public backup for private pensions.
Why on earth would it be "wrong" or "offensive" for individuals to make their own decisions regarding their families' finances? Can any sensible person be "offended" because another person does something with which one disagrees?
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Yes, they are, through the Pension Benefit Guarantee Corportation, a public backup for private pensions.
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Oh, I thought we were still discussing based on Constitutional grounds.
Else, Fedzilla can just borrow an unlimited amount as it ‘needs’, right?? (not like the primary question of: “For/by what authority” is ever uttered)
I was discussing present reality.
Everything is these days. Even saying it maybe wrong or offensive is wrong or offensive to someone. You for example.
I prefer “incorrect” to “wrong.”
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