Baby Boomers sacrifice retirement for kids - again
Ameriprise Financial found that more than half of Baby Boomers have let their adult children move home and live rent-free, in addition to other financial support.
By Staff Writer|May 02, 2012 at 07:13 AM
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Retirement portfolios may be on the mend, but it doesn’t mean Baby Boomers are out of the financial wilderness just yet. More than half (55 percent) of baby boomers admit they’ve allowed their adult children to move home and live rent-free—but the support that most provide their kids and aging parents extends well beyond room and board, according to new findings from the Money Across Generations IIstudy, released Tuesday by Ameriprise Financial. In fact, boomers continue to prioritize their families’ needs over their own, despite increased uncertainty about their own financial security.
“Boomers are feeling the pressure financially and emotionally,” Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial, said in a statement. “In many cases they’re sandwiched between children who are unemployed or struggling to pay down their student loan debt and aging parents who are facing complex health and financial issues. At the same time, they’re trying to prepare for their own retirement. The demands on their time and money can feel endless.”
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