For many boomers, the empty nest seems more like the empty bank account. After college, kids boomerang home for a few months or years, driving up monthly household expenses. Even when they leave, they often return to the “Bank of Mom and Dad” for help with costs from new cars to camp for the grandkids.
All those added outlays are impacting millions of boomers, causing many to delay or modify retirement plans, according to a new study by Hearts & Wallets, a research firm. Parents 65 and older who financially support their kids are much less likely to be retired than those with independent children. The firm estimates that more than one-third of boomers are providing financial support to their children, family members or others.