Parents are spending $500 billion annually to support their adult children — two times the amount they're contributing toward their own retirement savings.
A new Merrill Lynch/Age Wave survey found that 79 percent of parents say they provide some financial support to children 18 to 34. Food and groceries are the most common expenses, followed by phone service, car expenses, schools, vacations, rent and student loans.
Further, at least one quarter say they would pull money out of a retirement…
