Supporting Grown Children And Your Parents Takes Its Toll
Parents and children are squeezing “baby boomers.” Children are leaving the house later, and aging parents are more often in need of financial support and care, leaving many boomers with little alternative but to work longer.
An estimated 45% of middle-aged workers provide financial support to children older than 25, according to a recent survey by Brightwork Partners, and about 20% of middle-agers are supporting an elderly parent. Contrary to popular opinion, the “me” generation seems to be putting others first.
The heavier financial burdens boomers are taking on are changing the retirement plan of an entire generation. Among boomers supporting their parents, 42% say they will work during retirement and 26% say they will delay retirement, according to the survey, which was sponsored by Putnam Investments.
If you’re a member of the sandwich generation, the heavy load being placed on you may be making you worried about how you’ll fund your own retirement. That’s where a financial plan can be crucial. Your plan will translate your near-term challenges, such as funding care for your parents and supporting your post-graduate children, into real terms and quantify these liabilities. You’ll get a clear understanding about what you must do to secure your own retirement.
If you’re in your 50s or 60s and worried about mounting financial obligations as you approach retirement, creating a comprehensive wealth management plan is wise and may relieve some pressure.
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