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Boomer Interrupted

Thursday, May 9, 2013 - 11:43 AM
There is frequent discussion on this site about the need to help one's children financially - perhaps due to health-related issues or other circumstance - even while one is in retirement, and how that impacts one's own financial condition and plans.

However, there is another side to being a member of the "sandwich generation" which hasn't been touched on much - helping one's parents while one is in retirement.   Long term care insurance and parents' assets may or may not be adequate, especially as inflation and the movement of the markets take their toll. 

From MarketWatch:
Each year my organization, The Financial Life Planning Institute, surveys the most pressing concerns that our clients' clients have about life transitions. They can choose from any one of 60 options from cradle to grave.

How to help Mom and Dad always ranks in the top 10, and it's usually No. 1.

... [L]ike everything else in life, we must plan for this financially. It may seem like prying, but it's important that baby boomers understand their parents' financial condition. It helps us prepare for what's ahead. We don't want to be taken by surprise when they can't afford to live on their own.

Read more

The article gives examples of how some have addressed this issue.  Some of the solutions may be out of reach for most people, but the idea of a "parental pension" may be achievable for a few. 
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pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
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