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Cultivating Financial Independence
The image of an unmotivated adult child living in their parents’ basement is a well-known stereotype in American culture. Less expected, however, is the situation of a married college graduate with children and a stable career who still depends on parental support to cover expenses. Yet, this is the reality for nearly half of baby boomer parents.
A Savings.com survey found that 45% of parents with adult children provide financial support—often at a personal cost. Some buy discounted rental properties for their kids, dip into savings for emergencies, or send monthly allowances to help with student loans. The risk: as support increases, retirement security decreases.
Parents nearing retirement give the most—around $2,100 monthly—while saving just $643 for their own futures.
For more details on how to Cultivate Financial Independence in your adult children, click here for CAPTRUST at Work’s full article.
To schedule your one-on-one appointment with CAPTRUST, click here.
Busted: Tackling Four Common Annuity Myths
MYTH: Annuities are not trustworthy
FACT: Many reputable annuity products are offered by respected providers
MYTH: An annuity isn’t useful if you already have retirement savings
FACT: Retirement annuities can help you round out your retirement financial plan
MYTH: Annuities have very high fees
FACT: Annuities are offered at a range of costs and some can even be tailored to you
MYTH: If I die, my money is gone and my family won’t benefit
FACT: Many annuities can be set to benefit your loved ones.
For full details on the Myths and Facts of Annuities read TIAA’s full article by clicking here.
Engagement Corner
TIAA: Help boost your financial know-how with TIAA’s live webinars — see the flyer below for topics and dates. To see currently scheduled live webinars or previously recorded on-demand webinars, visit www.tiaa.org/webinars2025.