Sandwich Generation Faces Retirement Uncertainty
ATLANTA - (BUSINESS WIRE) - Generation Mortgage Company, the largest independent reverse mortgage company in the United States, today released new data detailing the financial struggles of the "Sandwich Generation" - baby boomers who are financially supporting their aging parents and children at the same time. As the survey highlights, this generation is increasingly feeling the stresses of funding not only their own retirement nest egg, but also that of their parents.
According to the survey, 78 percent of respondents fear that they will not be able to retire "comfortably" - a statistic that speaks to just how significant the financial burden is. In an effort to reduce this strain, 52 percent of Sandwich Generation-ers indicate that they will need to work part time during retirement.
Further supporting the evidence that the Sandwich Generation is feeling unprecedented financial pressure can be seen in the data which overwhelmingly highlights the fact that those surveyed are continuing to feel the effects of the most recent economic downturn. To this end, 61 percent of respondents view their parents' current financial situation as "negative," which is interestingly consistent with the finding that 64 percent view their own current financial situation as negative.
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