How to Care for Aging Parents While Staying on Track with Your Own Retirement

No matter how much we have prepared for retirement, it often seems that we could be doing more. As people live longer and need more money, there’s increased pressure to step up saving. But what if, in addition to funding your own retirement, you also had to provide financial support to your parents?

According to TD Ameritrade, 25% of baby boomers already support another adult. Around 8% of those adults are aging parents. What’s more, 20% of Gen Xers also support other adults, with 13% being their parents.

Most of this support went to general living expenses and medical bills, with financial supporters paying an average of $12,000 per year to help loved ones.

So, what if your parents don’t have enough money for their retirement needs? It’s more than likely you will help them with care and support, but this could inhibit your own retirement plans in the process.