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Talking to boomerang kids about the elephant in the room

The economic downturn left many Americans struggling with unexpected situations. Whether they suddenly found that their 401(k) funds weren't as reliable as before or their children moved in with them after college, prospective retirees have found that the retirement planning landscape is much different than in years past. 

A TD Ameritrade Poll found that more than half of baby boomers have children living with them, which translates to a financial obligation that has caused serious damage to savings. PBS recently interviewed Lule Demmissie of TD Ameritrade to find out how parents can talk about that elephant in the room - their children's dependence on family funds.

"Talk about what you can afford and what that could impact in terms of your retirement nest egg [with your financial adviser]... But also to have a conversation with your children about what is a discretionary spend and what is a fundamentally important spend," Demmissie said.

Much of that comes down to what you're spending for a child's sake - is it essential college loans or a phone bill? While this can be a difficult subject to broach, try to encourage kids to look into internships or part-time work that can help them achieve an income and try explaining your own needs. If you're planning to move to a retirement community in the future, children should know that they will need to think about moving out in the near future. 

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