'Sandwiched' Baby Boomers Continue to Feel the Squeeze

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'Sandwiched' Baby Boomers Continue to Feel the Squeeze
 Financial Commitments to Family Members Especially Prevalent Among Surveyed
                                  Hispanics

    NORTHBROOK, Ill., Nov. 14 /PRNewswire-FirstCall/ -- Many Baby Boomers are
heavily burdened -- sandwiched, in fact -- between financial obligations to
children and aging parents.  They also expect more of the same to continue
into retirement, according to the second annual Allstate "Retirement Reality
Check" survey.
    Despite shrinking savings and growing financial concerns, surveyed Baby
Boomers are not shying away from providing financial support to family
members.  More than one-third of those surveyed (38 percent) said they would
be financially responsible for parents or children/grandchildren during
retirement.  Nearly ten percent said they would be sandwiched by
responsibilities for both parents and children.
    At the same time, these Boomers expect to have a number of other financial
obligations during retirement, including car payments (36 percent), mortgages
(27 percent) and credit card bills (28 percent).
    "Managing your own living expenses while helping family members who are
financially dependent is a challenge both during one's working years and
throughout retirement," said Peggy Dyer, senior vice president, marketing, at
Allstate Financial, a business unit of The Allstate Corporation.  "Yet it can
be manageable.  That's one reason it is important for individuals to implement
a strong financial plan ahead of time."

    Hispanics more heavily burdened
    Surveyed Hispanics will be supporting family members at rates sharply
higher than the general population, with 53 percent anticipating obligations
to children or elderly parents in retirement, and 19 percent expecting to have
responsibility for both children and parents.
     --   31 percent will provide financial support to elderly parents or
          in-laws (compared to 16 percent of the general population)
     --   30 percent will provide financial support for children or
          grandchildren under 18 (compared to 20 percent of the general
          population)
     --   28 percent will provide financial support for children or
          grandchildren over 18 (compared to 21 percent of the general
          population)
     --   34 percent will be responsible for tuition for a child's education
          (compared to 19 percent of the general population)

    Six percent of Hispanics surveyed believe that these obligations to family
members will be their biggest expense during retirement.  While not an
alarming number when taken alone, it is three times higher than the general
population surveyed, of whom only 2 percent rated family obligations as their
biggest retirement expense.
    The second annual Allstate "Retirement Reality Check" survey was created
by Allstate in conjunction with Harris Interactive.  Using a random digit
dialing methodology, Harris Interactive polled 1,400 people born between 1946
and 1961, with household incomes ranging from $35,000 to $100,000.  A sample
of 200 Hispanics and 200 African Americans were interviewed as part of the
total sample surveyed.  The margin of error is +/-3.1 percent for the general
population, and +/-6.9 percent for information specific to Hispanics and
African Americans.
    The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held
personal lines insurer.  Widely known through the "You're In Good Hands With
Allstate(R)" slogan, Allstate provides insurance products to more than
16 million households and has approximately 12,500 exclusive agents and
financial specialists in the U.S. and Canada.  Customers can access Allstate
products and services through Allstate agents, or in select states at
allstate.com and 1-800-Allstate.  Encompass(SM) and Deerbrook(R) Insurance
brand property and casualty products are sold exclusively through independent
agents.  Allstate Financial Group includes the businesses that provide life
insurance, retirement and investment products, through Allstate agents,
workplace marketing, independent agents, banks and securities firms.
SOURCE Allstate Corporation
http://www.allstate.com
Company News On-Call:
http://www.prnewswire.com/comp/109885.html
CONTACT:
Laura Margolis, Media Relations of Allstate
Corporation, +1-847-402-5600