According to a new survey from Ameriprise Financial, just one in four baby boomers are saving for their retirement. Instead, many are putting their money towards helping their aging parents and adult children. More than half of the boomers surveyed said they were helping their parents pay for groceries, medical expenses, or utilities. A stunning 93 percent of baby boomers provide their adult children with financial support.
Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial, explains the pinch boomers are finding themselves in. Takeaway listener Mark Niedt in Denver explains why he has been helping support his adult children.