Most parents are footing the bill for at least some of their adult kid's expenses, and it could be costing them hundreds of thousands of dollars, a recent NerdWallet report finds.
"On average, a parent covering a child's living expenses for five years and borrowing money for college tuition is missing out on $227,000 — almost a quarter of a million dollars — in retirement savings," NerdWallet reports. "A higher cost of living or supporting multiple adult children could drive that number even higher."
The site also found that 80 percent of parents of adult kids "are covering, or have covered, at least a portion of their adult children's expenses after they turned 18."
Parents who are covering college tuition or student loans could be missing out on nearly $80,000 in retirement savings, NerdWallet reports: "The average parent takes out $21,000 in loans for their child's college education, but the hit to retirement savings is almost quadruple that amount." That's because of the power of compound interest, which causes your wealth to snowball over time.