For decades after World War II people thought very little about the influx of children into society. Called the baby boomer generation, these children were considered a symbol of America’s triumph over oppression, reigning in a new era destined for greatness and prosperity. Now though, baby boomers signal something else: an increased strain on the health care system and the economy.
Taking up approximately 24 percent of the total U.S. population, baby boomers are expected to create a considerable demand for long-term health care in the years to come — a demand our current system is ill-equipped to handle. On top of that, more Americans than ever will require Social Security benefits, which could put a strain on the federal fund, leaving it unable to fully assist future generations of Americans.
But while much of the nation has placed sizeable focus on the economic strain the baby boomer generation is anticipated to have on our nation, few people have focused on the financial woes baby boomers themselves may face, particularly if they are currently trying to care for their aging parents.
According to MetLife, approximately 10 million Americans over the age of 50 are currently taking care of their elderly parents at a time when they themselves should be saving for retirement. This creates a potentially problematic situation, as you can imagine, because it may leave baby boomers unable to financially support themselves once they are done caring for their parents.
If any of our Wakefield readers are baby boomers who are also caring for their parents, then we hope today’s post helped address an issue you may not have been aware of. If it did, we hope it also encourages you to contact a skilled elder law attorney in Massachusetts who is aware of this issue. That’s because they can help you reassess your options and make the right financial decisions for you and your loved ones.
Sources: MetLife, “Double Jeopardy for Baby Boomers Caring for Their Parents,” Accessed July 1, 2015
CNN, “Baby Boomer Generation Fast Facts,” Sept. 1, 2014