We’ve seen it so often on TV and in movies that it has almost become a cliché: the millennial who has graduated from college but is still living in his parents’ basement. We roll our eyes and tell ourselves that there’s no way we would ever let one of our kids sponge off us when they are perfectly capable of supporting themselves.
And yet, all too often, the above scenario comes home to roost. A colleague of mine told me of a client who requested a Monte Carlo simulation on his parents’ portfolio, under management at the same firm, “just to make sure that no matter what happens, Mom and Dad will be okay.” The planner obliged and reassured the concerned son that his parents had plenty of assets to assure a comfortable lifestyle for their probable lifespans.
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