Two independent studies of the financial burdens Americans bear for parents, adult children, and the hope to help their kids finance higher education reveal wide-ranging realities that challenge the imperative to adequately save for retirement.
One TD Ameritrade report shows that more than one in five Americans provides ongoing financial support for a parent or an adult child.
In the past year, an average of $12,000 of support was handed out, diverting $630 billion from the economy, according to TD Ameritrade’s estimates.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
