New research from Merrill Lynch and research firm Age Wave finds that baby boomers are experiencing and fulfilling increasing demands on their time and finances from both adult children and their aging parents. In fact, six in 10 Americans past the age of 50 provide financial support to adult family members.
What does this mean for their retirement plans?
“Confronted with the reality of having to provide for a family member, the rate of those 50-plus who feel financially ready for retirement plummets from 33 percent to 9 percent.” CNN reports.
With these staggering statistics, it’s important for those approaching retirement to consider added expenses in their financial plan. Fixed indexed annuities offer one way to supplement traditional retirement plans by ensuring a stream of guaranteed income.
To estimate your retirement living expenses, try our retirement planning calculators.