Page 47 - Book12E

CHAPTER 5
Caring for Elderly
Parents
Referring back to the Charles Schwab study cited earlier, the “sand- wich” effect is becoming even more complex. Four in ten Americans anticipate they will need to financially support their parents, and one in four worry that they will need to financially support their siblings.
According to the Pew Research Center, just over one of every eight Americans aged 40 to 60 is both raising a child and caring for a par- ent, in addition to between 7 to 10 million adults caring for their aging parents from a long distance. U.S. Census Bureau statistics indicate that the number of older Americans aged 65 or older will double by the year 2030, to over 70 million. It certainly isn’t easy becoming elderly or having to be a “parent to your parents.” We’ve always assumed that adults should be able to take care of themselves. The fact is, however, more and more Americans are living well into their 80s and 90s, and families will need to become more involved in caring for their parents, even if family members are spread out across the country.
The Financial Implications of Caring for a Parent
The pressures of raising children and caring for an aging parent can take their toll in various ways, including physically, emotionally, and financially. Writing for MSN.com, Melissa Segrest says the financial aspects can have repercussions long after an elderly parent or other family member isn’t under the “sandwiched” baby boomer’s care. That’s why it’s important to have a financial plan if you’re going to take on
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