Being married, raising children, having a good job to provide for loved ones, and then living a carefree life in retirement enjoying your grandchildren…

That’s the American Dream, right?

Unfortunately, being married with children and then having a comfortable retirement are becoming incongruous ideas in America.

Boomeranging Millennials

First, there’s the reality of boomeranging Millennials.

Adult children, from age 21 to 35, move out of the house. But then, according to a study from Pew Research Center, something happens. Nearly a quarter have a “launch failure” and are forced to move back in with their parents.

While that may bring joy to some parents, there’s also a financial cost.

Supporting an adult child, which well over half of parents do, lowers the chances of successfully putting enough money aside for retirement.

Remember that a minimum of seven times your annual salary is required to have a sufficient nest egg – and lots of financial advisers say to set a goal of 10 times your salary.

Empty Nesters Blowing It

But what about the three-quarters of parents whose kids don’t boomerang, the empty nesters? Let me put it bluntly… they’re blowing it!

Many empty nesters are saying, “Whew! The kids are gone. Now let’s party!”

But a new study from the Boston College Center for Retirement Research is sobering.  Empty nesters are simply using the money they would’ve spent on their children to splurge on themselves. Vacations, cars, a new kitchen, you name it. Everything except increasing their retirement savings.

The study shows that even eight years after the nest is empty, savings in retirement accounts rise by less than 1% of income. Meanwhile, a whopping 52% of working-age couples are at risk of not being able to maintain their standard of living after retirement.

A recent Fidelity study found that couples entering retirement today will need $240,000 in their golden years just for healthcare expenses! And that number is sure to continue climbing.