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Industry Articles Home > Improving Quality of life for Seniors News

Stress of caring for parents isn't just an American problem
2010-01-06

Baby boomers in Canada are facing some of the same stressors as their American counterparts, The Toronto Star reported this week.

The newspaper cited a report from Winnipeg-based retirement advisory firm Investors Group, which found that 40 percent of the baby boomers caring for parents and adult children were stressed. Those boomers also reported "making some adjustments to how they are living their lives," said IG manager of financial life planning Jane Olshewski.

Late-middle-aged people stuck in a "boomer sandwich" said they were curtailing expenditures on travel and hobbies. Thirty-nine percent were saving less for retirement as a result of their familial obligations.

Some of the boomers surveyed were spending up to $6,000 per year on their parents; 60 percent of them are spending money on adult children, too.

Boomers who care for relatives may want to consider the costs of their own care in retirement. Long-term care insurance can help reduce medical expenses later in life and may be something that working adults want to consider, financial expert Bill Losey said in a recent CNBC article. So-called 10-pay plans let people pay off the cost of long-term care insurance over a decade - a good choice for older working people, Losey suggested.
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