Ameriprise survey: Boomers prioritize family over retirementPosted by RJ and Makay on May 18, 2012 |
>> Read More RJ & Makay Blog Posts
According to a survey from Ameriprise Financial, despite increased uncertainty about the economy and their own financial security, baby boomers continue to prioritize their family’s needs over their own. While some baby boomers struggle to cover their own cost of living, they still strive to cover medical bills, college loans and utilities for their parents and adult children.
For the first time in the nation’s history, the majority of the country’s babies (50.4%) are of Hispanic, African-American, Asian American or other minority groups, according to new estimates based on census figures. Ethnic minority babies under one year of age went past the 50% mark in July of 2010. Four decades of immigration has altered the nation’s ethnic makeup, and the census forecasts that non-Hispanic whites will be outnumbered by other minorities by the year 2042.
Of over $1 trillion in student loan debt obligation across the nation, graduate students make up more than one-third of that total. Starting this July, graduate students will no longer have access to subsidized Stafford loans. Without these loans, in which the government covered interest payments during enrollment years, graduate students will likely account for a much larger share of student loans. Stafford loans will remain available to undergraduates.
