Looking After Seniors

Helping mom with retirement from Money CNN suggests that if a parent isn’t on the ball with their own retirement planning, it may be time for you to step in.

The issue of what adult children can and should do to help assure that their parents are financially prepared for retirement is one that’s getting more attention as life spans increase and we become increasingly reliant on our personal savings to fund our post-career lives.

Typically, this question comes from baby boomers who, already squeezed by simultaneously saving for retirement and paying school and other child-rearing costs, now face the prospect of also having to provide financial assistance to retired parents. A global study  by The Hartford found that more than a quarter of Americans 45 and older say they are currently caring for both children and parents or older relatives. Given how badly the retirement savings of many retirees have been hit by the market meltdown, that number has probably already increased or will over the next few years.

Statistics Canada has an article, Looking after seniors: Who does what for whom?  It discusses who provides care to our aging population, and how can we best support them? It examines caregivers aged 45 to 64 and those 65 and over, and the particular issues that affect each group.  In all probability it is an issue that we all may be faced with.