Why You Shouldn't Drain Your Retirement Savings to Help Family
Over 1 million people have been applying for first-time unemployment benefits per week over the last four weeks, according to the Department of Labor. That stat has been trending down slowly, but an alarming number of Americans are still out of work. With no new COVID-19 relief bills in sight, some are turning to the Bank of Mom and Dad (or another relative) to get some much-needed assistance.
Many older adults will happily give what they can to help their relatives through a tough time. Approximately 71% of retirees 50 and older said they would offer their family financial support even if it could jeopardize their own financial futures, according to an Edward Jones survey. But what many of them don't realize is that decision could end up hurting them and their loved ones a lot more than turning down a request for financial help. Here's why.
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Source Fool.com
