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Retirement: Close the Bank of Mom and Dad

Acting as the Bank of Mom and Dad is not a new phenomenon. But, over time, it could be a dangerous one. A recent study, “Family & Retirement: The Elephant in the Room,” by Merrill Lynch Wealth Management, shows that nearly two-thirds of people age 50 and older are helping family members (mostly adult children) without considering the impact on their own retirement. Another recent study, by Ameriprise, found that providing financial support to adult children was one of the top four retirement derailers among those surveyed...Read More

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