More than one-third of boomer women are dipping into their retirement savings to pay for their adult children’s needs.
According to a survey released this week by VibrantNation.com, a social Web site for women over age 50, 44 percent say they are helping their adult kids with day-to-day expenses and housing costs, and for many, that money is coming directly from retirement savings; Thirty-five percent reported that they are using funds set aside for their retirement/future to help an adult child and/or grandchild.
The site polled more than 50,000 of its members.”We are accustomed to hearing about Boomers’ aging parents moving in to be cared for by their Boomer generation children,” said Stephen Reily, founder and CEO, VibrantNation.com. “The reality of the current economy, however, has placed an even greater burden on many Boomers who now find themselves not only caring for their parents, but also providing significant financial support as well housing for their own grown children. This wasn’t part of their retirement planning and it provides members of this Vibrant Nation with some distinct challenges.”