1. Review Your Life Insurance Options

You probably had life insurance when your kids were little. You knew that if you died while they were still dependents, they would need to replace your income. Now, they do not need you to pay their bills and maintain their household (hopefully), but they can still benefit from your life insurance. If you served your country, see what military life insurance offers. Talk to your agent to decide what is right for your situation and if it’s the right choice for your family, including any financial assistance you may want to provide.

2. Create an Estate Plan

You may think only wealthy families need estate plans, but nothing could be further from the truth. Estate plans can also include provisions for financial assistance to support your children’s future needs. Creating a plan is a way for you to preserve your legacy, and continue to care for your descendants when you are gone. Depending on your circumstances, you may need a will, a trust, a living will (focused on medical care rather than inheritance), and a power of attorney. Consult an estate planning specialist to determine what is best for you and your family.

3. Prepare for Your Retirement

Caring for yourself is a way to care for your children. By securing your own financial future, you may also be in a better position to offer financial assistance to your adult children if needed. If you provide for yourself into your retirement years, you will not be a burden to your children. Prepare for your retirement by starting early and saving consistently. If your employer offers a retirement plan, participate to the maximum allowed. If your job doesn’t offer retirement benefits, open an account of your own. Preparing your relationships for retirement is important, too!

4. Give Their Retirement a Boost

Many young people fail to plan for their retirement. It seems so far away and there are so many exciting ways to spend money now. You can help your adult child’s retirement savings by opening an individual retirement account for them. Open an individual retirement account with any amount your child would be allowed to contribute, based on his or her annual income (see IRS rules for details). Once the account is established, your child may be inspired to contribute as well. Sometimes people just need to get over the initial hassle of opening the account. Even if your children never add a cent, the money you contribute will grow for decades and should double many times over.

You can open an account for your grandchildren, too, if they qualify. The account owner needs to have earned income, but it does not have to be documented on a W-2. Income from babysitting, mowing lawns, or tutoring the neighbor counts.

5. Open Investment Accounts for Your Grandchildren

Basically, anything you do for your grandchildren is also a gift to your children. Providing financial assistance through investment accounts can help cover significant expenses like education, a car, or a down payment on a home. Parents may not have enough income to set aside money for their children’s big expenses: a car, college, down payment on a home. You can open an account specifically for education, which has the added benefit of tax breaks for you. For more flexibility, invest in a general brokerage account or in individual stocks. Since your grandkids will not need the money for many years, you can take some risks, which tend to pay better rewards. Investing in your grandchildren’s future is a practical gift that helps two generations of your family.

6. Take Care of Your Health

What your adult kids may want more than anything is time with you. When you take care of yourself, you can live longer, remain energetic, and participate in more of your kid’s lives. As you do more together you make more memories. Remember how much you liked taking your children hiking or exploring museums? You — and they — will still treasure moments like that now. Sharing experiences allows people to bond, even if the experience seems mundane or routine. So stay healthy enough to go over for dinner, wash the dishes together, and help prune the rose bushes.

7. Connect with the Grandkids

Nothing warms the heart quite as much as seeing people we love creating memories together. As much fun as you have with your children, you can have twice as much with your grandchildren. Steal them away for a day to bake cookies or take them for a weekend of travel. Your adult kids will appreciate the break!

8. Understanding Your Adult Child’s Transition

As your child transitions into adulthood, it’s essential to understand the challenges they may face. Young adulthood is a time of significant change and transition, and your child may be figuring out their own way in friendships, work, and health. As a parent, you can play an important role in supporting your young adult child during this time. Listen to and reflect on what they say, and be aware of the changing world and how it affects them.

It’s also important to recognize that your child’s transition into adulthood is a process that takes time. Be patient and understanding, and remember that it’s okay to make mistakes. Encourage your child to take ownership of their decisions and actions, and offer guidance and support when needed.

9. Supporting Your Adult Child’s Mental Health

As a parent, it’s crucial to prioritize your adult child’s mental health. Mental health is just as important as physical health, and it’s essential to create a supportive environment that encourages open communication. If you’re concerned about your child’s mental health, consider seeking the help of a mental health professional.

It’s also important to recognize the signs of mental health issues, such as depression, anxiety, or substance abuse. If you notice any of these signs, encourage your child to seek help and offer to support them in their journey towards recovery.

Remember, supporting your adult child’s mental health is of utmost importance. By creating a supportive environment and encouraging open communication, you can help your child navigate the challenges of adult life.

10. Maintaining a Healthy Relationship

Maintaining a healthy relationship with your adult child is crucial for their well-being and yours. As your child grows into adulthood, it’s essential to find a balance between giving them independence and offering guidance and support.

Encourage independence by giving your child the space and freedom to make their own decisions and learn from their mistakes. However, also be available to offer guidance and support when needed. Remember, it’s okay to set boundaries and have open and honest communication.

It’s also important to prioritize your own mental health and well-being. Parenting adult children can be emotionally and physically exhausting, so make sure to take care of yourself. Find support from friends, family, or a mental health professional if needed.

By maintaining a healthy relationship with your adult child, you can help them navigate the challenges of adult life and build a strong and supportive relationship that will last a lifetime.

What are your suggestions for taking care of your adult children? Let me know in the comments!

If you are an estranged mother or grandmother, check out my new eBook and course for thriving through adult-child estrangement!