Athene Survey Finds Sandwich Generation’s Retirement Plans Affected by Intergenerational Caregiving

Core Insights - The survey highlights that 73% of the Sandwich Generation have adjusted their retirement goals to support family members, indicating a significant impact on their financial planning and retirement readiness [1][2][3] Group 1: Retirement Planning and Financial Preparedness - The average expected retirement age for the Sandwich Generation is 65, yet only 24% have a written retirement plan, and 30% are concerned about relying on their children for financial support in retirement [2] - Among those supporting older family members, 83% depend on Social Security, which often does not cover full retirement expenses, and only 14% have an annuity for guaranteed income [3] - Approximately two-thirds (66%) of respondents lacking confidence in their ability to support family believe that increased income would enhance their confidence [4] Group 2: Gender Disparities in Financial Strain - Women in the Sandwich Generation report higher financial strain (53%) compared to men (40%), and they are less likely to proactively plan their finances [5] - The survey indicates that 34% of respondents plan to delay retirement, 22% will use retirement assets to support family, and 9% do not plan to retire at all [6] Group 3: Financial Strategies and Professional Support - Increased savings and investments (43%) and support from other family members (42%) are seen as key strategies for managing financial responsibilities [7] - Only 36% of respondents seek advice from a financial professional, and only 19% have a written retirement plan, indicating a gap in financial planning [8] - A significant majority (90%) of those working with a financial professional report a positive impact on their financial future [10] Group 4: Concerns About Retirement Living Standards - 53% of respondents express concern about maintaining their standard of living in retirement, with those not working with a financial professional more likely to worry about insufficient assets [11]