A new survey conducted by Allianz Life Insurance Company has found that younger baby boomers, age 44 to 49, are more concerned about their retirement and savings than those who are older, with more than half (54 percent) of these boomers responding that they felt completely unprepared for retirement.
This appears to be due to the economic downturn, which has left many adults struggling to pay bills every month, leaving little financial room to plan for retirement. Many are cutting down on entertainment and dining expenditures due to tighter budgets, and trying to find other creative ways to save.
Those in their mid-to-late 40s were also found to be taking care of children, as 57 percent said that they still had a child living at home, which further complicates finances.
Additionally, around 10.9 million people are taking care of older adults suffering from Alzheimer's, which can affect career options and life quality, according to the Alzheimer's Association.
Those who are caring for a parent may want to consider installing a senior alert system in a residence, which can act as a medical alarm for older adults who require assistance and are left unattended while a caretaker is at work or running errands.