16 — Wednesday. March 10. 1999 ~ North Shore News Rorth shore news ey = 2 BUSINESS Fly the nest or crack lis egg GROWN children who live at home could ruin your retirement. For the past couple of months, everybody has been urging you to invest in an RRSP to save for retirement. But nobody talked about improving vour net worth by divesting 3 yourself of some per- sonal “assets” — your adult kids. An Australian study shows every extra year an adult child stays under the family root really cuts into the parents? retirement income. Canadianizing, the report's figures, David Chalmers, a financial adviser with the Vancouver-based Rogers Group who specializes in retirement planning, said: “Let's say the parents are 25 years older than the child and the child stays home trom age 20 ta 30. “The parents spend $10,000 a year to support the adult child — money they would otherwise have saved for those 10 vears. If that money would have grown five per cent annually in capital gains or in an RRSP, the par- ents will have $226,000 less in savings bv age 65. That's per- haps $15,000 a vear less retire- ment income.” Your kids have a hard time finding jobs so they stay home. Or they leave for a few vears but then recur -- again, out of work or possibly with a child or pwo after a marriage breaks down, Some parents like to have their adult children around home, Others are dismayed, personally ax well as financially, when no-longer-juniar stays on, Perhaps you have a muri ally beneficial relationship with a grown child living at home. And some parents are willing to stenifice their own future to help the kids. ‘There's nothing wrong with that, as long as you realize fully what you are doing and feel good about it. But if vou'd rather be on your awn, how do you deal with this siuation, short of selling the family home and moving to a one-bedroom apartment? Every parent-child relation- ship is different. | favour the parent(s) reviewing the faets, figures and techings to focus on the priontics before talking tothe child(ren). Try to come up with some alternatives. ‘Then meet with the kid(sj. Lay out the figures ~~ ideally, financial projections from a retirement planner. That way, it’s an expert point: ing out what fies ahead, net jest mean old mum or dad. Perhaps you can afford te help financially to enable your youngster to live on his or her own, Just make sure every thing is in writing — and even then accept that a loan might end up being a gift, money YOU never see again, — Copyright 1999 Mike Grenly Contact Mike Grenky at LO. Box 50029, Sauth Sape RPO, Burnaby, B.C. V5] 5G3; e-mail and see his Web site: . SPRING BREAK MINI GOLF AND FUN - MARCH 13-20 Bring the kids down for eight days of Spring Break fun in a safe, supervised environment. MARCH 13-20 Nine hole mini geif from 10:30am to 5:30pm (March 19, 10:30am to 8:30pm) MARCH 13 Kids Crafts workshop at Lewiscraft from Ipm to 4pm. MARCH 15-19 Grand & Toy Kids Event featuring Kids Crafts at 10am, 11am, Ipm & 2pm. MARCH 20 Face painting and balloon twisting from [pm to 5pm. F§ CAPILANO MALL Scars - Wal-Mart - Pacific Linen - Fabricland 935 MARINE DRIVE NORTH VANCOUVER FOR CUSTOMER SERVICE CALL 980-8561 | 3. Lupe, BE, Oi & Firer 3g. Avon JMORTGAGES “| WHEN THE BANKS SAY “NO” 687-2020 INS PN FUND Fancentctal Services Le. VISIT OUR WEBSITE www.instafund.com fender Broker fees miuay apply B.C.A.A., A.RA., 1.C.8.C. Approved Winver Speciais. * “ , $3405 see ; — JAYLORMOTIVE PEMNZEIL Check battery, test antifreeze, check tires & brakes, visual inspection t Super Lupe All above with written B.C.A.A., inspection $ feport, rotate tires, tap up all fluids ‘1, of ike bo up hide times eared . Wh scope check by one of BCs top AirCare | technicians, road test & report ary findings a op + parts. foes aso spect 68 Bey ee oe Appointments High tech, full 4 whee! check out, with print out & road test “Prices cover most cars & light trucks *Ail service by Govt. registered technicians . TALKING Govt. licenced inspection YELLOW PACES station $2564 Tid3:20%8 GARDEN P BIASES Trevor Lautens: every Friday on page six in your North Shore News. March 17, 1999 2:00 pm - 4:00 pm Community Service Room - Capilano Mall Admission: By invitation Only Special Guest a TRADSTIOR OF EXCELLENCE" will be holding informal seminars about cruise vacations to |: Europe & Alaska! | A representative from Holland America willbe on hand. to answer ell of your questions and tell you about - their upcoming programs for 1999]. - R.S.UP. by March 15, 1999 Space is Limited! SEARS WE GIVE YOU THE WORLD” Capilano 985-6194 “Call Sears Travel for details and invitation