Many baby boomers belong to the “Sandwich Generation”—the growing group of people who care for their aging parents while supporting their own children. According to a 2008 USA Today/Gallup poll, 41 percent of baby boomers who have a living parent assist with the parent’s personal care, financial matters, or both. Another 37 percent expect to take on the care of their parents in the future. If you plan to be involved in an elderly parent’s care, it’s important to understand the array of issues that come into play.
If day-to-day management of your parent’s finances is too much for you to handle, talk with us. We can recommend products that provide income on a regular basis, such as managed retirement income portfolios, annuities, or bonds. We can also propose cash management solutions, which allow your parent’s monthly social security, retirement plan, and annuity payments to be deposited automatically into an account. Our goal is to review whether your parent’s resources are sufficient to pay for care, and determine how to balance your own goals with your parent’s needs.
Also, if you are 50 or older, you need to begin now preparing for your future income issues, long-term care concerns, and so on. Planning early generally saves money as well as calms fears.