NU Online News Service, Dec. 4, 8:44 a.m. – Allstate Financial, Northbrook, Ill., has released a survey that finds that baby boomers who already feel sandwiched between financial obligations to children and aging parents can look forward to more of the same, plus unprecedented levels of debt for themselves, in retirement.
According to “Retirement Reality Check,” created by Allstate Financial, a business unit of The Allstate Corp., Northbrook, in conjunction with Harris Interactive, Rochester, N.Y., more than one in three baby boomers (37%) will be financially responsible for parents or children during retirement. And 7% of boomers will be financially responsible for both parents and children in retirement.
That is on top of the extensive debt that three out of five baby boomers (58%) surveyed expect to pay off during retirement, Allstate Financial says.