The Richmond-Times Dispatch reports that baby boomers who are caring for children, young adults who are living at home after college and aging parents are facing difficult decisions and investments when considering retirement.
In July, the Employee Benefits Research Institute found that 47 percent of boomers do not have “sufficient resources to cover basic expenditures and non-insured healthcare costs in retirement,” according to EBRI spokesman Stephen Blakely.
The news source suggests that unforeseen health problems will be the biggest complication, but other issues may arise as well, including job loss, underemployment, divorces, and taking care of children or parents.
“A surprising number of boomers still have parents alive, and they’re finding themselves investing time and money taking care of them,” Matt Thornhill, founder of The Boomer Project, told the news provider. “They didn’t think that at age 60, they’d be taking care of parents who are age 90.”
One way to reduce costs when taking care of aging parents is to invest in a senior alert system. These are effective, affordable devices which will let parents instantly connect with health professionals or family members when if they face an unexpected difficulty or injury while living on their own.