More Boomers Assisting Adult Children

Julia Little  |  September 23, 2011

Family photoMany baby boomers looked forward to retiring in their empty nest, but many are finding that the nest has filled back up again, the Miami Herald reports.

Whether moving home after college while looking for a job, or struck by financial hardship that makes it impossible to care for a young family, young adults are increasingly moving back in with their parents or relying on them for financial support. According to an online poll by the , nearly 60 percent of American parents provide financial support to adult children who are no longer in school.

Another study conducted by SunAmerica in its Retirement Re-Set Study found that half of the 1,001 people aged 55 and older in the study said that they planned their retirement expecting to have to provide financial help to family members, The New York Times reports. Of those who said they would be helping family members, 70 percent specified that they would need to support adult children specifically.

Although helping family is not new, the news source reports that this need to support others can complicate retirement savings, possibly cutting into money tucked away for senior living or elder care later on.