By Lisa Marie Segarra
June 2, 2017

Parents who are in retirement give their adult children $6,800 a year on average so they can live more comfortably, a new study has found.

The Merrill Lynch retirement study found that 48% of Americans ages 50 and over say that they are “willing to overextend themselves financially to give their children a more comfortable life.”

The study found that about half of retirees who gave money to family members felt they had an obligation to do so, and 80% of them also said they felt that it was the right thing to do.

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On average, adult children received the most help from retired family members, while siblings were given an average of $4,200, parents $3,600 and grandchildren $1,800 over a period of 12 months.

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