It’s time to put yourself first.
This kids will be all right — even if you don’t help them buy a home. One in five U.S. homeowners received a gift or a loan from a friend or family member to buy their home, according to data released Wednesday from Legal & General, a multinational financial services company. And more than half of prospective homeowners under 35 now say they expect to have help to buy from family or friends.
And fully 7% of those who helped younger buyers say they had to postpone retirement. Many others will feel the impact — even if they don’t realize it yet. Indeed, data from financial site NerdWallet shows that the median household retirement savings for those ages 55 to 64 is just $120,000. That’s far less than what experts say they’ll need: Fidelity recommends that by age 55, you should have 7x your salary socked away.
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