Having your adult children living in your basement is worse than you think. Boomerang kids can actually hurt your chances of a sound retirement.
Those 65 years or older with financially independent children are more than twice as likely to be retired than people of the same age group who financially support their adult children, according to a new report that retirement market research firm Hearts & Wallets shared with CNBC.com.
That's because those who are still supporting their kids are often putting off retirement to do so, said Hearts & Wallets co-founder Chris Brown.
And it's a big group. The firm estimates that more than one-third of baby boomers are providing financial support to their children, family members or others. That's approximately 15.8 million boomer households, controlling nearly $8 trillion in investable assets.
"Boomers financially supporting adult children are more concerned about saving for retirement than outliving their assets," said Brown.
Parents of boomerang kids were also more anxious about their financial situations and had significantly lowered risk tolerance than other boomers, the report found.