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
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
- 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
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
- 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