Baby Boomers Supporting Parents, Children
Many baby boomers are helping to financially support both their parents and their adult children, reports U.S. News. Almost a third (31 percent) of relatively wealthy Americans are supporting older and younger immediate family members at the same time, according to a new Merrill Lynch Wealth Management survey of 1,000 people with investable assets of $250,000 or more.
In order to support relatives, while at the same time planning their own retirement, many of these affluent baby boomers say they have made lifestyle sacrifices (45 percent) and cut back on personal luxuries (44 percent). A quarter of these retirees sandwiched between eldercare and childcare responsibilities have stopped saving for retirement to take care of more immediate financial needs. Another 12 percent of wealthy baby boomers have stopped saving for a child’s education.
Category: Baby Boomers
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