You might think that you are only hurting yourself by not saving for retirement, but you are also hurting your children in two important ways.
It is common knowledge that a large percentage of Americans do not have any retirement savings. Some people legitimately cannot afford to put much of anything aside as they live paycheck to paycheck. However, many Americans who can afford to save for retirement have not done so, or they have not saved enough.
Most of those people who are not saving might think it will only be a problem for them as they might have to work longer than they expected, but that is not the case as Motley Fool explains in "If You Don't Save for Retirement, Your Kids Might Suffer."
The people who often end up being hurt by those who do not save for retirement are their children as those children end up supporting their elderly parents. This can be a huge burden for the children because those who support their parents often have debts of their own they have not paid off. It makes it less likely those children will be able to save for their own retirements, which will have later repercussions for their children.
Another way your children can be harmed by you not saving money for retirement is they will not receive an inheritance from you. Inheriting from parents can be a beneficial way for adult children to pay off their debts and save for themselves. Even a small inheritance is helpful.
Reference: Motley Fool (May 15, 2016) "If You Don't Save for Retirement, Your Kids Might Suffer."
For more information, order a free copy of our report The 7 Biggest Mistakes People Make in Their Estate Plan by clicking the link. You can also register for a free estate planning workshop by calling us at 256-251-2137 or visiting www.AnnistonEstatePlanning.com.