Boomers delaying retirement to help kids, aging parents: study
Too many baby boomers may be sacrificing their retirement goals and plans to help ease some of the short-term economic pain facing their children and their own parents, according to a recent study from Ameriprise Financial.
Nearly all boomers surveyed (93%) have provided some form of financial support to their adult children.
The list includes helping them pay for college tuition or loans (71%), allowing them to live at home rent-free (55%) and helping them to buy a car (53%). Many are also helping their kids pay for day care, rent, utilities and car payments.
Also, more than half of all boomers (58%) help their parents with daily household tasks and home maintenance. In addition, many are also chipping in for groceries (22%), medical bills (15%) and helping out with monthly utility bills (14%).
But no one is complaining, it seems. Despite uncertainty around meeting their own financial goals, a majority of boomers (86%) say that if they had to do it again, they would still support their adult children financially. In fact, 20% say they feel guilty about not being able to do more for their adult children.
Are you helping your adult child with expenses? To what degree? Is it hurting your ability to save for retirement?
By Gordon Powers, MSN Money