We may not always like our family members, but many of us love them enough to make a major sacrifice: Working longer.
A new survey from TD Ameritrade found that more than half of all baby boomers – defined as those born between 1946 and 1964 - would be willing to financially support their adult children, even if it took away from their own savings goals, including retirement.
That’s not necessarily just a theoretical idea. The survey of about 1,000 adults found that 44 percent of boomer parents expect they will have to provide some financial support for their children, and most would feel obligated to help if they were asked. About half of the baby boomer parents also said they have had children 25 or over live with them for three months or longer.
The good news: The kids are more than happy to return the favor, even at their own expense. The survey found that 88 percent of Generation Y respondents and 91 percent of Gen X respondents would financially support their parents even if it took away from their savings and retirement goals.
Even if you aren’t helping out your kids or your parents, plenty of you will be working longer because of the recent recession.
The survey, conducted in March and April, found that around one-third of respondents have stopped or reduced their retirement savings as a result of the recent recession.
Plenty of us seem to be aware of the repercussions. About half of the approximately 1,000 adults surveyed said they plan to retire later than expected as a result of the current economic conditions.
We may not be saving enough, but we sure are fretting about it a lot.
A separate Gallup poll released Wednesday found that Americans’ biggest financial worry is retirement: 66 percent of us are worried we won’t have enough money for retirement.