A survey conducted by industry research group LIMRA shows that 39% of Americans either have or are willing to postpone their retirement date in order to help their children or grandchildren pay for college educations.
In a report released earlier this week, LIMRA also revealed that 30% of those surveyed say they either have or would be willing to withdraw funds from their retirement to help pay for their children’s or grandchildren’s college educations. LIMRA notes, however, that people's willingness to sacrifice their own savings declines as they get closer to retirement.
Michael Ericson, an analyst at the LIMRA Secure Retirement Institute and the author of the report, points out that tuition costs have increased dramatically in the United States in recent years. As a result, many of those who have helped their children are forced to carry debts into retirement.