Support squeeze

Tips for coping when care for parents, children means delaying retirement

SAN FRANCISCO (MarketWatch) -- The good news is baby boomers aren't as selfish as the "Me Generation" label attributed to them might suggest. The bad news is their generosity might force them to work well into their retirement years, according to a new survey of working Americans.

About one in five workers 45 and older provide financial support to a parent, according to the survey of about 5,400 adults conducted by Brightwork Partners for Putnam Investments.

And a fair portion of boomers are supporting their adult children: Almost one-third of working Americans 45 and older with a grown child over age 25 pay rent or provide housing for that child, the survey found. Meanwhile, 45% of middle-age workers with grown children provide financial support of about $2,500 a year on average.