Repaying the Piper
What Should You Do with Your Broke Boomer Parents?
Recessions drained the financial resources of Baby Boomers
It is a harsh reality that some Baby Boomers require support from their children as they age. They do not have the resources to live decently for the rest of their lives once they stop working.
“Fewer than half of working-age Americans have any retirement savings, according to Census data for 2020. Savings rates rise with age, but only to a point. In the 55- to 64-year-old boomer age group, 58 percent of Americans own retirement accounts.”
Sudden Realization of Financial Danger
As time passes, my spouse and I are increasingly concerned about our fellow Baby Boomers. We are blessed. We do not require financial assistance from our two grown children. They are busy helping their struggling Millennial children.
One couple we know is selling their home and moving in with their children. Their retirement savings have been consumed at a pace they did not expect. In a couple of years, they will not have their life savings to cover the expenses their monthly fixed income does not.
