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Research shows baby boomers worried about finances

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Recent research conducted by Scottrade, Inc. found that the next generation of Americans set to retire is stressed about its current financial situation.

The research revealed that 73 percent of Americans 45 to 66 years old are either "very stressed" or "somewhat stressed" about future retirement plans.

About a quarter of baby boomers reported they are financially supporting an adult child, which takes away from the investments they could be placing towards retirement. Forty percent reported they are worried about having enough money to pay their bills and 23 percent said their high mortgages contributes to the stress.

"This research indicates that many baby boomers are balancing between saving for their own retirement and growing family demands, including the living and educational expenses of their children and grandchildren," said Kim Wells, Scottrade's executive director of product development and chief marketing officer. "These cumulative financial pressures mean they must get the most out of every dollar they invest and as a result, many are spending more time with their investment accounts than they were just a year ago."

Some individuals who are concerned about planning for the future might look to life insurance or annuities as a way to prepare for unexpected future expenses. Annuities sales surged in the third quarter, with individuals looking to invest in their future.

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