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Are your parents falling for the financial independence myth?

This article is reprinted by permission from NextAvenue.org.

If you have parents in their 70s or 80s, there’s a good chance they believe a common money myth that could be dangerous for them — and for you. Fidelity calls it “The Independence Myth” in a new study, with a warning to boomers and Gen Xers.

“The Independence Myth boils down to the idea that as each of us age, we will remain financially autonomous and manage all our finances ourselves,” said Suzanne Schmitt, vice president of family engagement at Fidelity Investments.

Busting the financial independence myth

The reality, of course, is anything but.

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