College graduation is near. Will your new college grads be staying in the nest? Are your college grads living at home? We hear more and more stories about how many young adults are living with their parents. Many are saddled with debt from school loans and others are not making sufficient wages to strike out on their own.
Checking the facts, this is true:
Andrew Cuomo, Governor of New York, said in a recent speech, “more college graduates are living at home than in decades.” Cuomo is right, according to a Pew Research Center analysis. The percentage of college graduates living with their parents is at its highest since the 1940s.
What provisions have parents made to prepare for this situation? Just when parents ought to be saving for their retirement, they are finding they need to support their offspring for at least a few more years.
Careful planning can help parents be ready ahead of time and avoid this type of crisis. Making sound financial decisions when investing is beneficial. Consulting with a Certified Financial Planner (CFP) is a wise decision, especially before needs arise.
Today might be the day to contact Les Merritt. He is not only a CFP but also a CPA who understands how to save when tax time comes. Les can inform you about 529 savings plans for college that also help with taxes. Call Les at (919) 269-8553 to set up an appointment and prepare for your children’s future.