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Sylvester Stallone is 80, and he says his daughter’s wedding is keeping him on the job.
“Oh, man, it’s almost embarrassing to say – but I can’t retire,” Stallone said on “Live with Kelly and Mark,” HOLA! USA reported Oct. 13 (1). His daughter Sophia, 30, is engaged to Michael Sheehan (1).
HOLA! USA called it a joke. But for plenty of parents, that line hits closer to home than it should.
The average wedding now costs $34,200, according to The Knot’s 2026 Real Weddings Study of couples married in 2025 (2).
And a majority of parents with children ages 18 to 34 (59%) gave them financial help in the past year, a 2024 Pew Research Center report found. Among them, 36% said helping hurt their own finances at least some (3).
I’ve been a CPA since 1981, and here’s my rule: Your kids can borrow for a wedding. You can’t borrow for retirement.
The tax law does give generous parents room to help. For 2026, “the annual exclusion for gifts remains at $19,000,” according to the IRS (4).
Here are 4 ways to help pay for the big day without wrecking your own retirement.
1. Don’t raid your IRA until you’ve run the tax math
“Distributions from a traditional IRA are fully or partially taxable in the year of distribution,” the IRS says (5). So a $20,000 withdrawal for a wedding can leave you with a lot less than $20,000 after taxes.
That extra income can also make more of your Social Security taxable. You pay federal income tax on benefits if your combined income “exceeds $25,000/year filing individually or $32,000/year filing jointly,” according to the Social Security Administration (6).
And it can raise your Medicare premiums two years later. For 2026, higher Part B and Part D premiums apply when modified adjusted gross income is above $109,000 for individuals or $218,000 for married couples filing jointly, based generally on 2024 tax returns (7).
This is exactly the kind of decision where a second set of eyes pays off. If you’re approaching retirement and the sums are substantial, SmartAsset offers a free matching service that pairs you with up to three fiduciary financial advisors, all legally required to put your interests first.
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2. Set your number before they set the guest list
The Knot puts the average guest count at 117, at an average cost of $292 per guest (2). So every 10 guests trimmed saves about $2,920.
Give a fixed dollar amount, not a promise to “cover the reception.” A number keeps your budget intact, and it lets the couple decide what matters most to them.
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3. Give cash the smart way
Gifts that are “not more than the annual exclusion for the calendar year” are generally not taxable gifts, the IRS says (8). For 2026, that’s $19,000 per person you give to (4).
If you and your spouse each give $19,000 to your child and $19,000 to your child’s new spouse, that’s $76,000 in 2026, all within the annual exclusion, because the IRS says each spouse is entitled to the exclusion (8).
If the money all comes from one spouse, that takes a gift-splitting election on a gift tax return, so check with a tax pro.
Go bigger and the rules get more involved. “The donor is generally responsible for paying the gift tax,” the IRS says, and for 2026 the basic exclusion amount is $15,000,000 (4, 8). Run anything above $19,000 per person past a tax pro.
Quick gut-check — if your money advice is coming from random online influencers, you’re playing a dangerous game. I’ve been a CPA since 1981 and writing about money since before the internet existed. Sign up for the free Money Talks Newsletter and get expert advice that’s been tested by time.
4. Put your own retirement first
Pew found that 36% of parents who helped their young adult kids financially in the past year said it hurt their own finances at least some (3). That’s a lot of parents.
Your children have decades to recover from a big expense. If you’re near or in retirement, you don’t. That’s not selfish. It’s the math.
If you want to help, help with money you won’t need. And if you can’t offer much, say so. A loving family will understand a smaller check far better than a parent who runs out of money at 85.
My honest take
Stallone got a laugh, and good for him. But “I can’t retire” isn’t a punch line when it’s true.
A wedding lasts one day. Your retirement may last 30 years. Give what you can afford, give it in a way that doesn’t trigger a tax surprise, and keep your own future funded.
The best gift you can give your kids is a parent who never has to ask them for money.
Sources: 1. HOLA! USA; 2. The Knot; 3. Pew Research Center; 4. IRS; 5. IRS; 6. Social Security Administration; 7. Social Security Administration; 8. IRS
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