What age did your parents stop supporting you?

Parental obligations typically end when a child reaches the age of majority, which is 18 years old in most states.

When should you stop paying your kids bills?

In general, parents should seek to have their children be financially independent between the ages of 18 to 22, family finance expert Ellie Kay told Bankrate. That holds up with leaving school — whether it’s high school, a trade program, or college.

How long should a parent support a child?

Typically, parents must pay child support until the child turns 18. There are some exceptions, however. Support may continue until the age of 19 if the child is still in high school and lives with a parent.

What is considered financially dependent?

A dependent is a person who relies on someone else for financial support, and can include children or other relatives. Having a dependent entitles a taxpayer to claim a dependency exemption on their tax return, as long as the dependent meets the qualifying definition according to the Internal Revenue Service (IRS).

Should you support your parents in their later years?

On the surface, the answer of whether or not you should support your parents in their later years is an easy one – yes, of course you should, right? You don’t want to see them aimlessly walking around the neighborhood, begging for food and meds.

Would you let your parents retire to never work again?

Even if your parents are in that stark minority (15 or 19\%) with a decent amount of savings, would you feel safe having them retire to never work again on that amount of savings? I sure wouldn’t. The thing is, you may not even have a choice, due to filial responsibility.

Do parents have a choice when it comes to retirement?

Parents who don’t make conscious decisions to invest in their retirement and live below their means DO have a choice. They are choosing present or future financial entitlement and opting to think about themselves instead of the family members that they eventually become dependent on.