Study: Millennials Ready to Care For Aging Boomers
Baby boomers first began to enter what is known as retirement age in 2011, and will continue to turn 65 at a rate of about 8,000 per day. This milestone has had a number of implications for boomers and other generations - perhaps most notably, their children, the millennials.
Some are concerned about boomerangers - adult children who return home to live with their parents - squandering away retirement funds, while others say that boomers are holding onto jobs that millennials are having trouble finding. These worries seem to slate these two generations at odds with one another. However, a recent study by the Pew Research Center proves just the opposite, The New York Times reports.
The study found that the majority of members in each generation feel a need to care for one another, not fight against each other. For example, 84 percent of 18- to 29-year-olds polled said adult children have a responsibility to provide financial assistance to a senior parent if need be, and 54 percent of 50- to 64-year-olds involved in the study said they have the same responsibility to their adult children.
While a large portion of the millennials were likely thinking about their parents when they answered questions in the study, which included 2,511 adults, the results also show that they value programs for all seniors. For instance, millennials said protecting programs like Social Security and Medicare was a more important national concern than reducing the deficit - 41 percent said working on the national debt was of utmost importance, while 48 percent placed the highest value on social programs for seniors.
The results are promising for boomers as they prepare for retirement and health concerns that go along with entering their golden years. However, boomers can look forward to a statistically healthier retirement than the generations before them. According to The Huffington Post, Americans can now expect to live nearly twice as long as they did in the early 19th century.