Generational Dependence: Helping Clients Cope

Generational Dependence: Helping Clients Cope

A growing number of families are supporting both adult children and aging parents—forcing financial advisors to rewrite their clients’ playbook. Here’s how.

As if there weren’t enough variables to consider when planning for retirement, throw this into the mix: Fifty-two percent of parents over age 45 expect to financially support their adult children, and 35 percent expect to do the same for grandchildren, according to the 2013 Merrill Lynch Retirement Study, released May 6. Sixteen percent also said they expect to support their parents.

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