It’s expensive being a baby boomer. Not only do you have to pay your own bills, but you’ve got to buy stuff for your grownup kids and your elderly parents, too. Retirement? As if!
According to Today, a new study from Ameriprise Financial called “Money Across Generations” finds cash is tight no matter what your age, but 93 percent of boomers report giving their adult children money (think college payments, letting them move back home without paying rent, helping with car payments or covering car insurance), and 58 percent of boomers also help their folks with everything from utility bills to groceries to medical costs.
With those extra costs, something’s gotta give, and for many boomers, it’s retirement savings, the news show adds.
“Boomers are feeling the pressure financially and emotionally,” Ameriprise’s Suzanna de Baca tells Today. “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.”
Since we plan to live to 150 anyway, we guess retirement will just have to wait a few more years—or decades.
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