After long careers, members of the leading edge of the baby boom generation have gotten to the age where many of them would like to retire. But more baby boomers have chosen to put off their retirement plans — and the reason may surprise you.
For a long time, baby boomers have been known as the Sandwich Generation. The reason: Many have not only had to provide for their children’s financial well-being but are also taking care of aging parents whose own retirement savings have run out.
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With two generations of dependents relying on them for their financial survival, baby boomers have found themselves stuck in the middle for years, with a huge financial commitment to family members.
But a recent survey from Scottrade reveals a new source of stress for baby boomers. As their adult children grow up, many boomers now have grandkids — and with their children in financial straits, these boomers often end up getting called on to cover expenses for those grandchildren as well.