Someone always needs help
With fewer expenses and a stockpile of savings, retirees are often called upon to bail out family members. The Merrill Lynch/Age Wave survey found that many families lean on their parents and grandparents for money. Some 68 percent of people age 50 or older had provided financial support to their adult children in the last five years. Unfortunately, 88 percent of those 50-plus hadn't planned to provide support and didn't budget for it.
"A lot of people in their retirement or pre-retirement years are seeing their adult children struggling significantly and reach into their pockets to help," Baxter says. "At the same time, many people have aging parents. Today, many people who are in their 60s or 70s or even older have parents who are still alive and need care and financial support."