Tuesday, July 12, 2011

Many older Americans expect to help kids financially

10:04 AM, Jul. 12, 2011
Written by Christine Dugas

If financial turmoil and longer lifespans hadn't complicated retirement planning enough, aging Americans now are worrying about having enough money in their later years to handle their families' needs, too.

Half of Americans who are age 55 and older now expect to provide financial assistance to family members, and 70 percent think they'll need to help adult children, according to a study to be released today by SunAmerica Financial Group and Age Wave, which specializes in aging issues.

The findings show a reversal from the past, when adults expected their children to take care of them during their golden years.

"When the word 'childcare' first emerged, we didn't imagine it lasting 50 years, but now, when you're 85 years old, you may still be providing care to your 50-year-old child," says Ken Dychtwald, founder of Age Wave. "If all of a sudden you've got to divert a fair chunk of what you've been saving to look after children and grandchildren, that could change everything."

More than half of working parents, 59 percent, are already providing or have provided financial support to adult children, ages 18 to 39, who are no longer in school, says a poll by the non-profit National Endowment for Financial Education. FULL STORY

And then toss the CPS libtards into it and see the whole thing turn into your worst insane nightmare.

The SunAmerica Retirement Re-Set Study is at http://retirementreset.com

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