Many U.S. residents say the need to support adult children is affecting their retirement savings.
Researchers at a unit of Allstate Corp., Northbrook, Ill., have published data supporting that finding in a summary of a recent survey of 1,603 U.S. residents born between 1946 and 1978.
Working members of the sample had annual household incomes of at least $20,000 and the other members had annual incomes of at least $35,000.
Insurers have emphasized the effect of efforts to provide or pay for long term care for aging parents on baby boomers’ finances.