How to Keep Your Grown Children From Endangering Your Retirement
Your retirement finances can be a lot more fragile than you might think. A budget can be disrupted by many things, and some parents have a hard time dealing with one expense in particular: They can't say no to their grown children.
Helping your children isn't necessarily a problem if you have the financial resources to do so. But some parents continue to bail out their children, even if it puts their retirement savings and lifestyle in jeopardy. "Unfortunately, adult children are one of the most dangerous [threats] to a successful financial plan," says Cary Guffey, a certified financial planner at PNC Investments in Birmingham, Alabama.
Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
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The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
