Most baby boomers are concerned about becoming caregivers for elderly parents as they approach their own retirement years, according to a survey by PNC Financial Services Group.

About 60 percent said they expect to have to commit time and resources to caregiving for their elderly parents, while 40 percent expect to have to financially support their elderly parents.

These expectations are having significant effects on retirement decisions. Nearly 30 percent of nonretirees who anticipate having to care for or financially support aging parents say they are planning to work longer in order to afford to provide for their parents.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.