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Retirement Planning Versus Family Support: What Drives Peoples` Decisions?, Radion Svynarenko

Theses and Dissertations--Family Sciences

A slight majority of American households headed by 55–64-year-olds do not have any savings for retirement, and those who have retirement savings have a median of around $109,000 saved, which is equivalent to an inflation-protected annuity of $405 per month (i.e., well below the official poverty level). Among the main reasons cited for the lack of retirement savings among parents is a desire to provide financial support to their young adult children. Indeed, on the whole, parents spend twice as much on financial support of their adult children as they save for retirement (Merryl Lynch, 2018). Understanding the precursors and …