Boomers (defined as the 45-65 age group) are feeling increasingly stressed by their obligations toward children who still rely on them for financial and other supports, and their need to care for aging parents who have healthcare, housing and social challenges. The Boomers are making personal sacrifices to manage all their responsibilites. A poll done in January 2010, found the following:
- 6 in 10 Boomer parents provide an average $3,675 a year to their grown children
- 1 in 3 Boomers provide some care to aging parents. 40% of those Boomers give financial support, an average of almost $6,000 a year
- 34% postponed or cancelled travel plans
- 32% are unable to focus on their own interests
- 39% admit they have reduced their retirement savings
- 24% have adopted a less comfortable lifestyle
- 24% worry their own retirement security may be jeopardized
The Boomers are more stressed by having to financially prop up their adult children then caring for their aging adults. Advisers recommend that Boomers must ensure that their support of adult children is as temporary and short-term as possible. Otherwise, their own financial well-being during retirement could be less comfortable and secure than they had planned and hoped for.
Boomers feeling squeezed by 'sandwich' Jonathan Chevreau, The Financial PostPublished: Wednesday, January 06, 2010
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