More baby boomers caring for aging parents

May 09, 2011

More adults are having to care for their aging parents as well, said a report

Baby boomers are caught in a difficult position, with many looking to plan for retirement while also trying to care for their aging parents - both physically and financially.

Falling interest rates and the ever-shrinking supply of cash in Social Security means baby boomers have the burden of trying to plan for retirement while caring for their parents, reports the Daytona Beach News-Journal. Citing a recent Associated Press poll, the report said only 11 percent of boomers are confident about their finances entering retirement, with many having lost their nest egg and others spending money on caring for their ill parents. Many don't have a life insurance policy as a safety net, meaning that if they fall ill or die, they could be leaving their own children in a similarly difficult situation.

"What they're doing is destroying their long-term future," Ted Kuzma, a financial adviser in Daytona Beach, told the source. "And they become a burden on their children because they run out of money. You can see the cycle here."

Many Americans say they're skipping on life insurance policies because they can't afford to pay for them, but with rates at an all-time low, experts say retirees could be making a big mistake in leaving their assets unprotected.

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