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Over 60% of people 50+ provide financial support for adult family members

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A recent Merrill Lynch report looked at the financial support that older adults are providing to the generations following them.  The study covers a variety of topics, one of which I’ve covered here.  But the aspect of the study that is getting the most coverage was a survey that found that 62 percent of Americans over the age of 50 provide financial support to family members. 

Some of that might be repercussions of the Great Recession as people finally begin to get back on their feet.  Some of it may be the warm and fuzzy the report authors want it to be—namely that after a hundred years of industrialization and mobilization, Americans are once again seeing the value in family.  Whatever the reason, all that generosity adds another level to retirement because if you haven’t saved enough for your own retirement, the question becomes how will you pay to provide support for a family member?  Build the extra cost of doing so, an estimated $14,900 a year, into your retirement savings or get prepared to either make sacrifices or learn the value of saying no.

A Preferred Partner financial adviser can help you get on track with your retirement savings.  Contact one of them to find out how you can benefit from having a financial expert on your team that understands the connection between family, health, housing, legal and financial planning.

Need assistance planning for your successful retirement? Give us a call! 1.877.762.4464

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