Boomers were the first to struggle en masse with both the financial needs of kids in college and retired parents outliving their nest egg. Now, the kids may be out of college—but moved back home. Meanwhile, mom or dad has not only run short on cash—but needs a daily caregiver too.
Some 35% of boomers have been responsible for the care of an elderly parent, according to an AARP survey. That is up from 26% in 1998. Meanwhile, half of boomers are raising a young child, including grandkids, or providing financial assistance to an adult child, according to Pew Research Center. Go ahead—just try to retire.
These obligations aren’t just expensive; they are time consuming and directly affect your ability to earn. According to a Hartford survey:
- 68% of boomers have missed work in the last six months or left early due to care-giving duties for either a young child or an elderly parent
- 50% of those who missed work for care-giving duties in the last six months missed between eight and 16 hours
Read the full article at Time Magazine.