Acting as the bank of Mom and Dad is not a new thing. But, overtime, it could be a dangerous one. A recent study shows that nearly two-thirds of people age 50 and older are helping family members without considering the impact on their own retirement. Another study found that support to adult children was one of the top retirement derailers. Possible guidelines for reigning it in:
Get a handle on how much you've been giving and put it in context.
Before you shell out, ask about cheaper alternatives-or other financing options.
If you shell out, specify how much and for how long.
(Kiplinger's Personal Finance)
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