Retirement Living

How to Keep Your Grown Children From Endangering Your Retirement

Rodney Brooks
April 27, 2018

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.


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Authored By Rodney A. Brooks

TRAFOTFBThe 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.

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“Rodney A. Brooks’ ‘Fixing the Racial Wealth Gap’ is one of the best written and most prescriptive books I’ve read on this prickly subject. Using powerful stats, stories and insightful wisdom, it is written from the heart, mind, body and spirit … plus years of research and thought as a mainstream journalist, Fixing the Racial Wealth Gap is revealing, humorous, instructive and sobering.” – Dr. George C. Fraser

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