Half of pre-retirees ages 50 and older say they would make major sacrifices that could impact their retirement to help family members, according to new research.
Merrill Lynch Wealth Management discloses this finding in a new survey, “Family & Retirement: The Elephant in the Room.” Conducted in partnership with Age Wave, the survey polled 5,415 individuals ages 25 and older, including 2,104 respondents among the boomer (ages 47-67) and silent generations (ages 68-88).
The survey reveals that six in 10 pre-retirees would retire later or work longer to financially support family members. An additional 40 percent would return to work after retirement, while 36 percent would adopt a less comfortable lifestyle in retirement and 20 percent would feel less financially secure.