Greater numbers of early-year Gen Xers and late-stage baby boomers are finding themselves responsible for taking care of both their aging parents and their young adult children—making it difficult to plan for their own futures.
It’s happening at a time when a growing number of older Americans forecast tougher financial times, with Pew Research Center reporting 83% of U.S. adults saying most people will “definitely” or “probably” have to work into their 70s to be able to afford retirement.
The underlying reasons for this are multifaceted, Business Report writes in a recent feature. On one end, as retirees’ elderly parents live longer than previous generations, they’re also moving in with their adult children in droves.
More of a recent phenomenon, however, is how financial independence is also becoming increasingly delayed, with millennials somewhat slower to form their own households than past generations
Caught in the middle is a “sandwich generation” of retirees, mostly older Gen Xers and young boomers who are simultaneously caring for their elderly parents and their adult children, all while trying to salvage their hard-earned retirement savings. Read the full story.
