How to solve the problem
Boomers who neglected their retirement savings to help their adult children still have several options to get back on track. One would be to postpone retirement on purpose.
“Staying in the job market even a few extra years can make a big difference in terms of additional savings and investing,” Lynch said. “It will also reduce the time that investors’ nest eggs need to stretch in retirement.”
If you’re in your 50s or older, you can maximize your benefits by making catch-up contributions to a retirement account, like 401k or IRA.
Downsizing to a smaller, less expensive home might also prove efficient, as well as boosting your Social Security payout by not claiming your benefits until after you’ve reached your full retirement age.
All it takes is to have a plan that would help boomers build their own savings and not having to rely on their children for financial support.
