Magazine article Work & Family Life

Boomer Generation Facing 'Triple Squeeze'

Magazine article Work & Family Life

Boomer Generation Facing 'Triple Squeeze'

Article excerpt

Only about one in three parents of adults have talked to their children about long-term care, according to a survey by The National Council on the Aging and John Hancock Mutual Life Insurance Co. It seems that most families face this issue only after a parent has been hospitalized and requires long-term care, and they're forced to come up with a plan quickly.

Ad hoc plans typically involve dipping into other funds. For example, of those surveyed who had provided long-term care for a family member or friend: 26% used money set aside for their own retirement; 19%, took a second job; and 12% dipped into their children's education fund. In other words, they found themselves in a "triple squeeze" faced by many boomers these days: taking care of their kids, taking care of their parents and planning for their own future. …

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