Baby boomers who have shelled out a collective $200 billion over the course of their lives to help their adult children and other family members cover expenses like housing, weddings and healthcare are putting their own comfortable retirement at risk according to a new survey.
A white paper commissioned by one of Australia’s largest superannuation funds, REST Industry Super, found that most financial assistance occurs between parents and children, with 81 per cent of financial assistance coming from one or both parents.
“The research showed that over $500 billion is being provided up and down the family tree in Australians’ lifetime, with the main burden coming from the so-called ‘sandwich generation’,” REST chief executi…
Read the full article at: http://www.afr.com/personal-finance/superannuation-and-smsfs/one-in-5-baby-boomers-to-retire-with-mortgage-debt-20170502-gvwzej
