Month: May 2025

Here’s if they’ve moved on from their infamous Chippendales drama.

You have just become a grandmother – or perhaps you have been one for a long time. It is so very exciting to have a new baby in your life. Not to mention all the other stages, from toddlers right on up.

But one thing you will have noticed is that the arrival of grandchildren affects your relationships with a wide range of other people.

Your relations with own your son or daughter may well deepen or, in a few cases, deteriorate. A new child inevitably brings new shared joys but can sometimes bring out old tensions.

Your relations with your son- or daughter-in-law will also change. They come as part of the package of enjoying that new child, especially if it is a daughter-in-law who had the baby. You may have found that you need to tread carefully not to be seen as ‘interfering’.

But most surprisingly, there are yet another set of relationships that may become a more visible part of your life – with the other set of grandparents.

The Other Parents

In my experience, the people our children choose to marry can come from any sort of family. They can be our own friends or neighbours, of course, but they very rarely are.

As often as not, they are completely different in at least one way, if not many. Increasingly, they may be of a different nationality or religion or class. Or, indeed, political leanings.

They may be very upright when you are more of an ex-hippy or the other way around. They may be born-again Christians, when you have never held any religious beliefs.

Or they may be obsessed with cruises to distant parts when you would not dream of going on one or, for that matter, could not afford it. And on and on.

Perhaps they are absolutely lovely people, and you are all pleased that your children introduced you to each other.

You just never know.

Meeting Up

You probably met the other parents first at the wedding, if not shortly before. And you may have had no reason to see them again.

Or you may meet often for family occasions.

You may feel, in the interests of general friendliness, it is valuable to establish good relations early on. This may or may not be reciprocated.

My mother, a very intellectual American woman, decided it would be a good idea for her and my father to meet my new husband’s mother (and her current man) when visiting London. His mother was working class, a heavy drinker and easily intimidated by people she didn’t know.

This could not have been a combination made in heaven. I wasn’t there, but I hate to think what a long evening that was from everyone’s point of view.

Fellow Grandparents

And then your respective children become parents – and suddenly you have an interest in common – the grandchildren.

This can make for some interesting, difficult or, if lucky, happy situations.

Some time ago, I wrote a book based on deep interviews with grandparents, and I found all sorts of different experiences.

At best, the respective grandparents liked each other and went to some joint trouble to make their children’s lives easier. They coordinated their schedules, for instance, to share out needed childcare.

One set of prospective grandparents even met the other at the airport when the latter were coming in for the birth.

Grandparents also cooperated when there was a specific need, such as when one young couple, suffering marital difficulties, needed time to talk together without the children.

On the other hand, there could also be serious tensions. Sometimes, there was an unspoken competition between the two sets of grandparents to see who could do most for the grandchildren. Or to become closer to them.

Major disagreements over upbringing were also noted. One set of grandparents could be excessively religious – or not religious enough. Or too strict in their care.

Or other matters could arise. One grandmother, for instance, who put a high premium on good nutrition at all times, was very distressed that the other handed out too many sweet drinks and candies.

Sending Out Ripples

It is surprising how many steps that we take in life send out ripples way beyond those expected. This is an excellent example. You have a child, he or she grew up and fell in love, they produced a child – and suddenly you are involved with all sorts of new people and in new ways.

It can be a real bonus or a pain in the neck!

Let’s Have a Conversation:

How do you get on with the other grandparents of your grandchildren? Do you have examples of good cooperation? Have you had any really bad experiences?

When Baby Boomers started their working lives, retirement pensions were more common. However, starting in the 1970s, the IRA and 401(k) revolution kicked off the transition away from defined benefit plans (pensions) to defined contribution plans like 401(k)s. These latter plans placed more responsibility on the shoulders of individual workers to manage their retirement finances. Although Boomers were caught in the transition, they benefited from a long-term bull market that boosted their savings.

Post-Boomer generations have not been so fortunate. Pensions have become less common, and the stock market has been less favorable. It’s no wonder these generations worry that they won’t be able to build adequate retirement nest eggs.

As a result, parents may want to help by contributing to their adult child’s retirement funds, especially early in their offspring’s earning years, when it might be more difficult for them to find the extra money to stash away. Experts agree that the earlier saving for retirement begins, the more likely it is to reach end-of-career financial goals.

There are several ways to help.

Roth IRA

A great way to help kick off a retirement saving program is by contributing to a child’s Roth IRA early in their working life, even before they become adults. A custodial Roth IRA can be opened as soon as taxable income is earned. In 2025, the annual maximum Roth contribution amount for people 50 years and under is $7,000 or the total of earned income for the year, whichever is less.

The word “custodial” indicates the Roth IRA is set up with another person (usually a parent) before the child reaches eighteen (or 21 in some states). While the minor child owns the account, the custodian makes contributions and investment decisions. Upon reaching the age of majority, the account is transferred to a regular Roth IRA with the adult child as the sole owner.

IRA rules allow others to make deposits into the accounts so parents can directly contribute to their children’s accounts. This would be considered “gift” money. However, if it is the only annual monetary gift to the child, then gift tax reporting is not an issue since the maximum IRA contribution is below the reporting threshold of $18,000 (2025).

The advantage of a Roth IRA is that earnings are not taxed upon withdrawal because contributions were made with after-tax money. A logical question is, “Why not contribute to a traditional IRA with pre-tax dollars?” That way, taxes are avoided today because individuals can deduct contributions from their taxable earnings. Then, when they withdraw the money in the future, they pay taxes at the prevailing rate. However, because most young people are in lower tax brackets, such a deduction would have a low impact, making a contribution to a Roth IRA a better bet.

401(k) Plans

Of all types of retirement plans, about 54% of Americans have a 401(k)-type account. Offered by employers to their workers, 401(k)s come in two forms, like IRAs: traditional and Roth. Like IRAs, 401(k)s allow contributions up to an annual limit. Also, like IRAs, traditional 401(k)s are funded with pre-tax dollars and Roths with after-tax dollars.

They differ from IRAs because employers can match employee contributions up to a certain annual amount. Such a benefit can be a big incentive for employees to contribute at least up to the match amount. Otherwise, financial planners like to say that employees are “leaving money on the table” if they forego the match.

A 401(k) also differs from an IRA because only the employee can make contributions. Even so, parents can gift money with the understanding that the adult child then makes 401(k) contributions up to an amount that triggers the full employer match.

Maximum annual 401(k) employee contribution for 2025 is $23,500. Depending on the employer match amount, a parent’s gift could reach the gift tax reporting threshold of $18,000 for 2025.

Non-Qualified Retirement Savings

Financial planners recommend that some of retirement savings be in “non-qualified” accounts. Such non-IRA/non-401(k) accounts have no tax advantages. That is, there is no tax break when contributions are made, and withdrawals of earnings are taxable at the prevailing rates when withdrawn.

Savers often wonder why retirement dollars would not be 100% invested in tax-advantaged qualified accounts. Experts cite four reasons for doing this.

1. For workers who do not have access to 401(k) accounts, using IRAs only typically won’t allow enough money to be saved due to annual contribution limits.
2. Non-qualified accounts have no contribution limits, so those who have maxed out their annual IRA/401(k) accounts can save more.
3. Non-qualified accounts have substantially fewer rules so that money can be accessed quickly for emergency “non-retirement” purposes.
4. Having some funds in non-qualified accounts allows more flexibility in tailoring a withdrawal strategy during retirement since pre-tax (401(k)/IRA), Roth, and non-qualified accounts experience different tax treatment upon withdrawal.

Since there is no limit to how much money can be deposited in a non-qualified account, parents must keep the gift tax reporting limits in mind.

It’s a Gesture of Support

Parents contributing to the retirement fund for a child of any age is a grand gesture of support toward a child’s future financial security. Some parents may be more open to such monetary support because it delivers benefits far in the uncertain future. It also allows parents to help in areas that adult children may be forced to skimp on in their early earning years. Parents can help their children leverage many more years of account growth than would otherwise have been possible.

One caveat is that parents need to honestly discuss with their children the intention for the money to be untouched until retirement. There could be a strong temptation for adult children to tap into the money before retirement, despite the financial penalties. However, parents also need to accept that they ultimately do not have control over the money once it is gifted. They can only hope their generous gesture will be respected and the money will remain an important part of the child’s retirement nest egg.

Read the previous articles in this series here.

Let’s Have a Conversation:

Have you ever had the opportunity to support your child’s retirement in any way? Do you help your adult children financially?

Sailing the Danube through Europe’s imperial cities during Christmas was unforgettable. And this year, I’m going back.

Budapest, Where Ancient and Present Embrace

Having walked its cobbled streets and stood beneath its grand, historic façades, I can say that Budapest, Hungary, during the holidays is pure magic. The city’s rich blend of Roman ruins, regal palaces, and art nouveau masterpieces creates a stunning backdrop for its world-renowned Christmas markets.

On my last visit, I joined a guided tour that brought the city’s soul to life – from the towering Parliament Building, shimmering along the Danube, to the Castle District, where narrow lanes open up to sweeping views of the city below. Every corner felt like stepping into a snow globe.

Later that day, we sailed into one of the most breathtaking stretches of the cruise — the Danube Bend. I wrapped myself in a coat and scarf and stepped onto the deck, a living postcard unfolding before us.

The Evolution of Bratislava

I was immediately struck by how far Bratislava, Slovakia, has come. The communist era is now a distant memory, replaced by a beautifully revived Baroque old town full of charm and elegance. The white fortress perched above the city still stands proud, with sweeping views of the Danube, just as it did in imperial times.

Our guided tour included everything from grand buildings to peaceful churches where we admired traditional Christmas booths, each one more intricate and heartwarming than the last.

I remember the cozy buzz of the stalls – a sea of red and white canopies selling everything from hand-carved wooden toys to delicate pottery and festive ornaments. I treated myself to a few keepsakes and couldn’t resist sampling the local fare: a crispy potato pancake followed by a slice of sweet, decadent poppy seed strudel – an absolute must.

After lunch, I ventured out again to climb the Old Town Hall tower. The view from the top was breathtaking: rooftops dusted with snow and the Christmas market below glowing like something from a storybook.

The Fairy Tale of Vienna

My visit to Vienna, Austria, felt like stepping into a snow-dusted fairy tale. Christmas markets have been a tradition in this city since the Middle Ages, and the season’s spirit filled every grand square and gilded palace. I wandered through several of the city’s 20+ festive markets, each more enchanting than the last.

At Schönbrunn Palace, I found a quieter charm, with stalls offering beautifully made handicrafts and nostalgic toys that made me feel like a kid again. Earlier that morning, our guided tour gave us a deeper appreciation for Vienna’s grandeur – from the soaring spires of St. Stephen’s Cathedral to the stately Hofburg complex, once the seat of emperors and now a treasure trove of museums and history.

But the moment that truly stole the show came after dinner: a live classical recital on board, performed right on the river. Hearing timeless melodies by Mozart and Strauss while floating through the city where they were born was the perfect ending to a perfect Viennese day.

And Then There Was Prague

No one celebrates the holidays quite like the Europeans, but Prague, the capital of the Czech Republic, with its storybook streets and medieval charm, is a wonderland of twinkling lights, wooden chalets, angelic choirs, and mulled wine.

A highlight for me was exploring Prague Castle, the largest castle complex in the world. With over a thousand years of history, walking through its grand courtyards and cathedrals, St. Vitus Cathedral, Strahov Monastery, Schwarzenberg Palace, and the Archbishop’s Palace was incredible.

I savored every magical detail from the peaceful Gardens Below Prague Castle to the panoramic views at Chotkovy Sady. Nerudova Street, once part of the royal coronation route, was now alive with cozy restaurants and quaint shops. In the Lesser Town, I admired the baroque beauty of St. Nicholas Church, then paused at the iconic John Lennon Wall, with vibrant tributes to freedom and hope.

We wandered through Kampa Park, along the tranquil Devil’s Channel, and crossed the legendary Charles Bridge, its statues cloaked in snow, the river below aglow with reflections. In the Old Town, the Astronomical Clock chimed just as it has for centuries. Standing in Old Town Square, sipping hot wine and listening to carolers, I was immersed in the season’s magic of Christmas.

No visit to Prague would be complete without a walk through the Jewish Quarter, from the ancient Old-New Synagogue to the haunting Pinkas Synagogue.

And of course, I couldn’t resist a final stroll down Pařížská Street, with its elegant boutiques and festive window displays – a perfect (and slightly dangerous) place for holiday gift hunting.

Prague in winter is breathtaking, reflective, and endlessly enchanting – and I already can’t wait to return.

I’m Planning It for This Year

From November 28 to December 3, 2025, I’ll be reboarding the elegant five-star cruise that winds through Budapest, Bratislava, and Vienna, all wrapped in twinkle lights, cozy market stalls, and old-world charm. And I’d love to invite fellow solo travelers to join me, because there’s something truly special about experiencing these places with like-minded adventurers.

Oh, and did I mention? There is no single supplement. Your cabin is yours alone. There is no sharing, no upcharge, just the freedom to travel solo in style.

Learn more about this cruise experience at World Travel for Singles.

Let’s Have a Conversation:

Which European cities have you visited? Have you been on a river cruise? Would a single supplement stop you from traveling?

These are the clothing, home, and travel items worth buying before tariffs cause price increases.