A 62-year-old woman has spent decades building an $850,000 retirement nest egg across a 401(k), IRA, and brokerage account. Now, just two years before she plans to retire, her 34-year-old son wants her to co-sign a $200,000 business loan to help open a restaurant. When she hesitated, he accused her of “hoarding” money she’ll never spend.
The bigger issue isn’t whether she wants to help her son. It’s what co-signing actually means. If the business fails and the loan goes into default, she could be legally responsible for repaying the entire balance. At a point when she’s preparing to stop working, taking on that kind of liability could put years of retirement planning at risk.
Don’t Miss:
This Jeff Bezos-backed platform lets eligible investors buy fractional shares of rental properties for as little as $100.
What If You Could Have Invested In The Walking Dead Before It Became A Global Franchise? The team behind it, Skybound, Is Opening Its Next Chapter To Investors.
