Baby boomers are used as family ATMs, study finds

11/25/2013 | ThinkAdvisor

A study by Merrill Lynch Wealth Management and Age Wave found that 3 in 5 Americans age 50 and older have given financial help, averaging almost $15,000, to family members. The study warned that most of those aiding family members haven't factored those expenditures into their financial planning, which may be a hidden risk in retirement.

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