Research indicates that debt is increasingly a problem for older Americans, jeopardizing their financial security in retirement. Medical expenses drive much of this debt, but a large portion also comes from emotional spending, such as gifts and financial assistance for family members. "We're overinvested in our children," said Eleanor Blayney, consumer advocate at CFP Board. Blayney says she reminds parents that taking care of themselves financially is an important gift for their children.

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