Yahoo! Money: “Retirees are faring well financially in the pandemic — it’s their children they worry about”
In today’s issue of Yahoo! Money, reporter Dhara Singh explains, “Even though the coronavirus pandemic has increased health concerns among retired Americans, their financial well-being has been more immune. But these retirees still have money worries: Their adult children’s.
“Close to 1 in 2 retired Americans said the pandemic has made them worry about their children more, according to a study by Edward Jones, a financial advisory firm. About 24 million Americans have already had to provide financial support to their adult children during COVID-19. If the pandemic’s economic effects linger and that intergenerational help continues, some retirees may end up hurting their own financial security down the road.”
Singh interviewed Marguerita Cheng, CEO of Blue Ocean Global Wealth, about an Edward Jones study that reports more than 7 in 10 retirees said they would fall back on their financial goals if their family needed their help.
“I am seeing this firsthand with some of her clients whose adult children are experiencing financial turbulence,” Cheng explains. “They help their adult children when they can, but they would like to do more, but know that if they do too much, they may not be able to sustain themselves in retirement,” she said. “Seventy-four may sound old, but it’s not when you still have relatives who are living well into their 90s.”