NU Online News Service, Nov. 18, 8:05 a.m. – Many U.S. baby boomers really will be “sandwiched” between financial obligations to children and aging parents when they retire, and the burden could be even worse for Hispanic Americans, according to results of a survey released by The Allstate Corp., Northbrook, Ill.
Thirty-eight percent of the 1,400 U.S. boomers interviewed said they would be financially responsible for parents, children or grandchildren during retirement, and about 10% said they would be responsible both for parents and for children.
Hispanics are even more heavily burdened, according to the survey, which was conducted by Harris Interactive Inc., Rochester, N.Y.
Fifty-three percent of the 200 Hispanic Americans surveyed said they would be supporting children or elderly parents in retirement, and 19% said they expected to be responsible both for parents and children.
Only 2% of all boomers surveyed, but 6% of the Hispanic Americans, predicted that obligations to family members would be their biggest expense during retirement.