Boomers, here's something I bet you already know.
At least those of you with grown children!
A study by 'Ameriprise Financial,
Money Across Generations '(http://www.ameriprise.com/amp/global/docs/pr-money-generations-research.pdf)
shows that many Boomers are caught between financially
helping elderly parents and adult children. Thus,
the term “the sandwich generation.” Sometimes they open their wallets too easily and don’t realize that such generosity affects their ability to fund their own retirement.Only 9% of Boomers believe assisting their parents has
hurt their retirement savings, but 29% believe assisting their adult children has slowed their savings progress.
To assist adult children, four in ten boomers draw from “regular savings,” one in six even takes out loans, and six percent pull money from retirement savings.
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