Financial Ties to Parents and Children Affect Boomer Retirement

This was extracted from a good and interesting blog-- Sometimes I Feel Like a Piece of Bologna. This blog is worth visiting and adding to the reader.

clipped from generationsandwich.blogspot.com Boomers, though arguably the most prosperous generation in American history, face mounting demands on their financial resources from both their adult children and their aging parents. In fact, one in six Boomers surveyed is "sandwiched," providing assistance to both their parents and adult children, according to Ameriprise Financial’s Money Across Generations study. Boomers are torn between helping their adult children pay off debts and get started, and helping their aging parents with necessities. This help often comes at the expense of funding their own retirement. My husband and I have very different perspectives on this. His parents provided everything for him through college, and were generous until their deaths. My parents provided nothing. I paid for college, grad school, and all expenses from junior high forward. Yes, it was very hard and I missed out on a lot. But I learned to be independent and make my own way. Sometimes I Feel Like a Piece of Bologna