MINNEAPOLIS — A study that looked across three generations of parents of baby boomers, boomers themselves and boomers' adult children finds that boomers are more likely to put their retirement needs on hold to take care of their adult children and aging parents.
Research from the Money Across Generations study from Ameriprise Financial Inc. found that two-thirds are helping their adult children pay off college loans or tuition, and more than half are contributing to the purchase of a car. More than one-third are helping to cover living costs that include co-signing loans or leases, medical insurance, rent and utilities, and car payments.
Other findings revealed were more than nine in 10 boomers are financially assisting their adult children in at least one area. One in six boomers is "sandwiched," providing assistance to both their parents and adult children.
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Ameriprise Financial launched the national study in April and May. Telephone interviews were conducted among 1,001 affluent baby boomers, defined as those with $100,000 or more in investable assets, 300 parents of baby boomers and 301 children of baby boomers at least 18 years old.
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