Adult Children Supporting Parents May Impact Their Own Retirement Savings
A new study from the Center for Retirement Research highlights a growing trend where adult children are increasingly supporting their aging parents, which could negatively affect their own retirement savings. The median combined amount in 401(k)s and IRAs for working households nearing retirement was $204,000 as of 2022, but this may not be enough to cover extended lifespans without additional support from children. This financial strain is particularly felt by the
Topics: family finances retirement savings sandwich generation