Monday, March 2, 2015

Protecting Adult Children From the Impact of Baby Boomer's Aging

With more than 70 million baby boomers, the aging population is expected to have a dramatic impact on the country's economy as they are expected to live longer and a vast majority of them are unprepared for retirement, these large number of seniors will soon be taking money from retirement account such as social security and IRA. As they make up a large portion of the population, moving into old age would seem to be another challenge not only for the US economy, but for their adult children as well.
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This is an issue that most boomer's do no want to discussed, being in the sandwich generation who have also cared for their aging parents, a lot of boomers are concerned that they will be a burden to their children when the need for long-term care arises. They do not expect children to carry the load of caregiving tasks no matter how disappointed and dissatisfied they are with the country's current health care system.

While living longer seems to be an advantage, having additional years in your life means having more time to spend with love ones and more things to do, it also poses some risks which includes needing more resources to fund the additional years in your life and to cover additional expenses brought about by longevity. These expenses may have to be passed on to your adult children when you run out of funds.

Most financial adviser would suggest that boomers save more money and buy long-term care insurance so they can avoid outliving their savings, nextavenue suggested additional ways how baby boomers can avoid being a burden to their children and loved ones.

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