My dad's only 55 and already hinting he needs financial help. Is it disrespectful to say, 'ask me when you're older'?

While leaving work in your later years should be something to look forward to, many Americans are worried about what's going to happen when their paychecks stop. In fact, 80% of Americans believe that the nation is facing a retirement crisis, and 61% are afraid that a financially secure retirement is out of reach for them.

Unfortunately, these concerns aren't unfounded, as the median retirement account balance among those 65 and over is just $103,202 . That would provide only around $4,100 in annual income, assuming Lucas follows the 4% rule .

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For some who are struggling, the solution is a simple one: Get help from their kids. But that's not so simple for the children who are asked to support aging parents at the same time as they're trying to make sure they save enough to avoid ending up broke themselves.

Let's pretend, for example, that Lucas is 30 years old, has a decent job, and has just gotten married. Lucas is trying to build his career and buy a house, but his dad, Joe, is 55 and already suggesting to Lucas that he needs some financial help. However, while Lucas isn't opposed to offering assistance, he's very worried about how this will affect his future.

Helping your parents can hurt your finances, but you can minimize the damage

Lucas isn't alone in feeling pressure to give his parents cash. Around 13% of children support their parents financially — often because parents really need help. Children with parents who have the lowest levels of wealth are seven percentage points more likely to offer financial support than those whose parents have the highest net worth.

Those whose finances suffered because they offered financial assistance all tend to have one thing in common: They helped their parents at a younger age. Researchers believe this is problematic since children lose not just the money they've given, but also the compound returns the money would've earned.

Lucas could become one of those children if he gives his dad money now. If Lucas gives his dad $10,000 this year, he doesn't just lose the $10K. The money would've turned into $172,456.26 by the time Lucas is 67 (assuming an 8% average annual return). But if Lucas waits until he's 50 and his dad is 75, the $10K gift only shrinks Lucas' retirement account by $37,000.