The working respondents of the survey had annual household incomes of at least $20,000 and the other members had annual incomes of at least $35,000.
Baby Boomers are already feeling the squeeze on their finances from having to provide or pay for long term care insurance for aging parents. Forty-three percent of respondents said “providing support for adult children had affected their retirement savings.”
An interesting insight of this survey showed “The burden of supporting grown children was similar for survey participants in different income categories, but it was less of a problem for participants with college degrees, because participants with college degrees were less likely than participants without degrees to have adult children.”
I have not noticed a difference between college graduates and those without degrees in relation to whether they had children. Most baby boomers I know of with college degrees have a child or children. Do you find this to be true in your experience?
