As young adults struggle to find their footing in this economy, often turning to their parents for help, many baby boomer parents find themselves trapped between their own financial security and that of their children. A new survey from Ameriprise Financial found that over half of boomers have allowed their grown children to move back home with them rent-free, despite the fact that their own financial stability has deteriorated over the last five years.
The survey reveals that many baby boomer parents are feeling simultaneous pressure to help their aging parents and struggling children, and shore up their own savings and investments as retirement approaches. Many of them are also unable to work as long as they planned, which further hurts them financially, says Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial. "Boomers are feeling significantly less confident that they can maintain their lifestyle and retire on time," she says.
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How Boomers Generosity Hurts Their Retirement