Data & Research February 20, 2013

Family Pressures Thwart Boomers’ Retirement Plans

Pressure to support adult children and/or aging parents has some Baby Boomers struggling to afford their own retirement, a survey shows.
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More than one-quarter (26%) of older U.S. Baby Boomers support their adult children financially or have them living at their home, according to a Coupon Cabin survey. Twenty-one percent have supported their aging parents financially, and 18% have supported their aging parents at their home.  

More than two in five (42%) Baby Boomers polled said they have postponed their retirement due to financial issues. Even some of those that have decided to retire are faced with picking up work where they can find it. More than four in ten (44%) report they are at least somewhat likely to get a part-time job to support themselves and their families. Seven percent claimed it is very likely.  

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However, some Baby Boomers are feeling optimistic when it comes to their finances. When asked to describe their current financial situation, retired, older Baby Boomers ranked it as: 

  • Excellent – 19%;
  • Good – 30%;
  • Average – 32%;
  • Below average – 15%; and 
  • Awful – 3%. 

(Cont’d…)

Saving money for the future is an area that remains challenging for some, but more than six in ten (61%) Baby Boomers report they able to save at least some money each month.   

When it comes to relocation, those who are not yet retired remain cautious as to whether or not they will move to another city or state to retire. More than eight in ten (82%) Baby Boomers who are not yet retired will not or are unsure if they will retire somewhere other than where they currently live. Eighteen percent said they will retire somewhere other than where they currently live.  

The survey was conducted online within the United States by Harris Interactive on behalf of Coupon Cabin from February 7 to 11, 2013, among 2,219 adults ages 18 and older, among which 787 are considered Baby Boomers ages 48 to 66.

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