Planning Couple

Baby Boomers

How many of us find ourselves in this situation?

I cared for my father for 7 years and I traveled back and forth to NYC to care for my mother. Both of them ran out of money and needed to go on Medicaid. At the same time, I had to help both of my sons with their day-to-day living expenses.

The Pew Research report, “From the Age of Aquarius to the Age of Responsibility”, shows that approximately 50% of the 75 million baby boomers are raising children or supporting an adult child, while 29% are giving financial assistance to a parent and 13% are supporting or assisting both parents and children.

Other key findings that came out of the report include:

  • In their financial exchanges with both parents and adult children, boomers are more likely to give than receive.
  • Boomers say they rely less on their parents and adult children for various forms of assistance than their parents and adult children rely on them.
  • Regardless of their family income, most boomers regard it as a parent’s responsibility to pay for a child’s college education.
  • Health is a dominant conversation between boomers and their parents.
  • A majority of boomers say they expect to live “very comfortably” in retirement.

Drawing conclusions from the report, one can easily say that boomers appear to be giving, caring and independent individuals. They readily care for their children and parents yet are keenly aware of their own desire to maintain control over their lives.

However, the single most devastating event that can deplete retirement savings and have a profound effect on family dynamics is a long-term care illness.

Long Term Care Associates, Inc. addresses the issues facing boomers by offering concrete long-term care planning strategies:

  • Long-Term Care Insurance - to maintain independence and not burden family members.
  • Group Long-Term Care Insurance – a way for business owners to provide discounted long-term care insurance to employees as well as family members; spouses/partners, parents and grandparents.
  • Life Insurance with Long-Term Care Riders - a single strategy to provide a legacy and/or finance long-term care
  • Care Consultations – the development of a plan of care to make sure the care recipient receives appropriate care in a safe environment.

If you are caught “in the middle”, take a deep breath and reassess the things that are important to you. Make sure your family takes the time to discuss the issues surrounding long-term care, and try to put a plan in place that provides the solution to your concerns.

"I appreciated the speed and care by which you gave me information. You crystallized the issues very well."
-RD, Geneva, NY