Monday, December 12, 2011

Baby Boomers: Caring for three generations?

Baby Boomers, are the next generation set to retire. Saving for retirement continues to be the top priority for this group also known as the Sandwich Generation.  Some of Baby Boomers’ stress could be because saving for their own retirement isn’t their only priority. According to the sixth annual Scottrade American Investor Survey, nearly one in four Baby Boomers (born 1945-1966) reported they are financially supporting an adult child and their sandwich is growing. Grandchildren are being added to their financial demands; 9 percent of Baby Boomers surveyed reported they hold a college or education savings account, an increase from 4 percent in 2010. And, while most (72 percent) continue to name retirement as their primary reason for investing, they also reported saving:

• For their own or a family member’s education expenses (11 percent)

• To build an emergency fund (36 percent)

• To reduce their debt (21 percent)

See full article from DailyFinance