I know that many of you feel trapped because you've had to delay your planned retirement by 5 to 10 years due to the unexpected financial depression that's hit our Markets. It's stressful enough that on a daily basis many of you are facing a personal financial crisis due to the tanking of your IRAs, decrease in your pensions and layoffs.
If that wasn't bad enough, you might even find yourself now with the additional burden of being financially 'sandwiched' between your parents and your kids because you make more than either of them. For many Boomers, it seems like it's all falling on our shoulders because with our parents many of them have also lost most of their life savings, so they are looking to us for help. Looking for help while caring for your parents, then check out:
If you're dealing with 'boomerang' kids who want to come back to the security of the parental nest, then you've got even more bills. Find yourself caught in that situation, then you need to immediately establish ground rules and let those adult kids know they have to contribute financially. For an excellent article on 'boomerang' kids:
Whether you're taking in your parents or your kids, remember:
- first talk it over with your spouse
- it's your home, so you set the rules
- everyone should contribute financially based on their income.