A digest of news from publications around the nation about finance, investing, and retirement

How to wean your children off the bank of mom and dad | Money

If you’ve been lending a financial hand to your adult kids – from covering their car insurance or cell phone bills all the way to paying for their rent or down payment on a home – you have plenty of company. But financial planners caution that your generosity may be unwittingly jeopardizing your retirement.

Half of retirees afraid to use savings | Squared Away Blog

For most retirees, figuring out how much money to withdraw from savings every year is a difficult-to-impossible math problem. But the issue goes much deeper: fears about what the future might bring make this decision overwhelming. Extreme caution is a popular solution. Vanguard recently reported that retirees with very modest savings turn around and reinvest a third of the money they’re required to withdraw under IRS rules after age 70½. People saved all of their lives to make sure they will enjoy retirement. So why are they so reluctant to spend the money for the purpose it was intended?

4 Costly scams targeting older people that you should know about — but probably don’t | MarketWatch

While it’s hard to put an exact figure on how much elder financial abuse costs older Americans – in part because much of it goes unreported – estimates range widely from $2.9 billion to $36.5 billion annually. What’s more, large numbers of older people are unaware of some of the common scams that swindlers use on them, according to data fromAIG Life & Retirement.

Think time isn’t on your side? These late savers are all on track to hit financial independence | CNBC

Click on any story about someone who started saving in a 401(k) plan on her first job. Or read about a guy who opened a Roth IRA with his first high school summer job earnings. Fast forward 15 years to your own age, and these people are now sitting on a tidy sum that’s many times what you’ve managed to set aside. But take heart. It’s true that the earlier you start, the less you have to save each month. Yet getting started late is better than never starting at all. A few examples of successful savers, age 50 and over, could be the inspiration you need.

Why indexed annuities may promise more than they deliver | Consumer Reports

Financial planners and regulators are increasingly warning consumers to think twice about buying a popular annuity that promises better-than-average returns but carries high fees. Sales of indexed annuities, as they are known, have soared in recent years. But they are extremely complex, carry high fees and surrender charges, and often fall short of their promised returns.

The 3 big financial pain points of Americans | NextAvenue

If you look only at the nation’s low, 3.7 percent unemployment rate, it would be easy to assume that the economy is humming and that Americans are feeling great about their finances. But data from recent surveys suggests that many people are actually feeling three big financial pain points: caregiving and family assistance; health costs; and not enough savings but too much debt.