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Supporting Your Son's Artistic Career: A Delicate Balance

James L. Flint

• August 24, 2023

Supporting Your Son's Artistic Career: A Delicate Balance

As retired individuals with a comfortable yearly income of $114,000 and $2.3 million in IRAs, you find yourselves in a fortunate position to support your two sons financially. While your older son, an artist, is partially dependent on you for his livelihood, your younger son prides himself on being self-sufficient. However, as a concerned parent, you wonder if it would be wise to strive for a more even-handed approach in your support.

Nonetheless, it is essential to periodically reassess the situation. How long do you believe this level of support is sustainable? Three years? Five years? Ten years? While every year spent using your credit card and solely concentrating on his art can further his creative journey, it also postpones his financial independence. Evaluating your son's progress and discussing realistic timelines becomes crucial.

If your son were 27 years old instead of 37, the concern for his long-term future might be less pressing. While you can provide substantial support now, it is vital to be realistic about when this support may hinder his growth and financial stability in the long run. Does he have any alternative sources of income that could act as a backup plan?

Ultimately, finding the right balance between supporting your son's artistic aspirations and ensuring his financial independence requires thoughtful consideration. As a patron of the arts, you hold the power to foster his creativity while safeguarding his future. By periodically reassessing the situation and discussing your concerns openly, you can navigate this delicate balance and provide the guidance he needs to thrive both personally and financially.

Planning for a Secure Retirement: A Financial Guide

As a professional copywriter, I understand the importance of financial security in retirement. Fidelity Investments has developed some key guidelines to help individuals gauge their progress in saving for retirement. By the age of 40, it is recommended that you have three times your annual salary saved; by 50, six times; by 60, eight times; and by 67, ten times. While these benchmarks are not easily achieved by most people, if you are in your 60s and have made significant progress in saving for retirement, you should be proud of your accomplishments.

But what about your son? Has he begun planning for his own retirement? Can he rely on you as his emergency fund or for assistance with a down payment on a home? Surprisingly, despite the understanding that saving $1.27 million is necessary for a comfortable retirement, the average American has less than $90,000 in retirement savings, according to a report by Northwestern Mutual.

While providing your son with $12,000 per year in credit-card spending will not jeopardize your financial stability, it is important to consider other ways in which you can support him. One suggestion is to help him find a long-term path that will enable him to achieve financial independence similar to what you have achieved during your lifetime. This path should prioritize his ability to live independently and plan for his own retirement.

Assistance with Financial Dilemmas

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• "My sister squandered our parents' millions, asked me to give her $10,000, then made me a tempting offer. Should I take it?"

By taking a proactive approach to secure your retirement and providing guidance to your son, you can help ensure a financially stable future for both of you.