Kevin O’Leary, Barbara Corcoran and Robert Herjavec all avoid mixing money and family. Why retirees should do the same

When it comes to retirement security, Shark Tank stars Kevin O'Leary, Barbara Corcoran and Robert Herjavec have it made, amassing far more than the $1.46 million nest egg many Americans believe they need to retire comfortably. Corcoran, 77, is worth $100 million, O'Leary, 72, $400 million, and Herjavec, 63, north of $300 million.

Despite their wealth, none of the three have retired and continue building their wealth and brands as celebrity millionaires. However, they all advise retirees to avoid mixing money and family. Corcoran told CNBC Make It that money complicates relationships, and when you don't have much, things run smoother. Herjavec posted about keeping business and family separate, saying he won't lend money or invest with family, only giving it as a one-time gift without expecting repayment.

O'Leary also avoids loaning money, preferring to give gifts instead. Despite the advice, many older Americans support their adult children financially, with 75% of parents doing so, causing financial stress for 42% of them. The Sharks warn that financial stress and strain can negatively affect retirement plans and emotional well-being.