The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Scientists say the smoke plumes, filled with megatons of tiny, harmful particles, could travel to other areas of the world and cause serious respiratory problems for people.Weather & Natural Disastersread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
If you thought the Bank of Mom and Dad closed its doors after the kids have grown up, think again.
The average cost of raising a child to age 18 is estimated to be $233,610, according to the U.S. Department of Agriculture.
The expenses continue long after your child has entered adulthood.
Half of parents participating in a recent Bankrate.com survey said that they've sacrificed their own retirement savings in order to help their grown children with their finances.
The personal finance site polled 890 adults in April. The participants had at least one child who's 18 years old or over.
Even parents with higher incomes curtailed their retirement savings. Six out of 10 parents said they've jeopardized their retirement savings in order to help their kids pay the bills.
"We found that higher earners are more likely to sacrifice retirement savings," said Kelly Anne Smith, a Bankrate.com analyst. "It's a trend spanning across all different households."
Three out of 10 parents with kids who are currently in college or who have recently graduated said they may have to postpone retirement because they pitched in for higher education, according to a 2018 survey by Discover Student Loans.
College expenses only constitute a portion of the bills parents are paying.
More than half of parents whose kids are between 18 and 34 are covering at least part of their cell phone bill, according to data from Bank of America.
Six out of 10 continue to buy food for their grown children, Bank of America found. Nearly 30 percent are paying down Junior's student loans.
"There are people who will put their retirement on the backburner just to have their kids living at home, even if they aren't paying rent," said Doug Oosterhart, a certified financial planner and founder of LifePoint Planning in East Lansing, Michigan.
"In extreme cases, they're not really saving anything for retirement," he said.
Instead of abruptly cutting your kids off, Oosterhart recommends gradually turning off support and redirecting that cash toward your retirement savings.
Here are a few steps to consider.
• Set limits: Reach a compromise with your child to keep him or her accountable.
For instance, Oosterhart has a client with three kids in college and a high-schooler. She needs to save for retirement, but she also wants to help her kids with their higher education.
"An interesting idea we came up with involves having the kids use loans for college and then her potentially helping with the monthly payment as the kids demonstrate their work ethic and get jobs," Oosterhart said.
• Get organized: Tally the bills you're paying and see where you can rein in the expenses and what your child can cover. "The communication is 'Here's when the phone bill payment stops and how you can start paying for it,'" said Oosterhart.
• Be realistic: It's one thing to save responsibly in a tax-advantaged 529 college savings plan. It's an entirely different issue if you're putting money away for your child at the expense of your own retirement.
"You can borrow your way through school, but you can't borrow through retirement," Oosterhart said.