In our weekly series, readers can email with any financial dilemma and grab the The moral labyrinth of money.

Do your friends rack up big drink bills and then try to split the bill equally? Is your partner spending too much money in your joint account? Whatever your dilemma, send an email anonymously and I The finance and sales team will do their best to respond.

This week’s dilemma can be found below – email us at [email protected] with yours.

Dilemma

I’m in my late 60s and have worked hard my whole life to build up my retirement savingshoping it would be enough to sustain me until retirement.

But now I am faced with a dilemma that weighs heavily on me. My children, both in their thirties, are struggling financially.

One is facing a health problem, while the other has just lost his job and is struggling to make ends meet.

They both asked me for help, and while I would obviously like to support them, I’m not sure I have the means to do so. draw on my pension to do it.

I’ve always been the type of parent who wants to provide for my children, and it breaks my heart to see them in such difficult situations.

But at the same time, I know my pension isn’t as big as I hoped because I took time off during my career to take care of both of them.

With headlines about how many people are struggling to live on the state pension alone, I don’t want to risk running out of money in my later years.

I already live a fixed income by income deductionand although I feel comfortable at the moment, I don’t know what might happen in the future.

Should I use part of my pension to help them at this difficult time, or should I prioritize my own safety and let them find their own way?

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Emily Braeger, IThe money reporter responds

What a difficult situation. And it’s a problem that many people in later stages of life struggle with.

While the instinct to help your children in times of need is strong, it’s important to think carefully about the long-term impact of dipping into your retirement savings, especially when you’re relying on that fund for your own retirement.

Pensions are generally designed to secure your future, and withdrawing early can significantly reduce your income later in life.

Once you start drawing your pension, the amount available to you decreases and the effects of this withdrawal can worsen over time, including the risk of unexpected medical or living expenses as you age.

Before making a decision, I suggest you take a close look at your financial situation. Do you have enough savings to cover your future needs, or will helping your children leave you vulnerable in your later years?

Perhaps you could talk to a financial advisor about the situation. They may be able to help you find a solution that balances both your children’s needs and your own long-term financial security.

Take a look at Retirement living standards from the Pensions and Lifetime Savings Association (PLSA) do some research if you need a rough guide.

If you decide to help, consider how much you can afford to give without jeopardizing your own financial stability.

You may not need to give everything they ask for, and even a smaller amount can make a big difference to them without depleting your own resources.

If your pension is the only source of income you rely on, consider other options first. Can your children access other forms of financial support, such as government assistance or family on the other hand?

Ultimately, while it’s noble to want to help your children, you need to make sure you’re not putting your own future at risk.

It’s a delicate balance, but by carefully weighing the costs and exploring all options, I’m confident you can make a decision that provides support for your children without sacrificing your peace of mind.