The conversation Gen Xers must have with their Boomer parents:
Having moved into the Boomer’s role of caretaker, they may be questioning whether they are doing the right things for their parents. They don’t want to have regrets about how they supported their parents, but they also need to keep a firm boundary to protect their own financial interests. The constant struggle centers on what is the right thing to do in these situations.
But downsizing your parents’ lifestyle will only help so much. Gen Xers often find that there is a gap in their parents’ planning, as many people need more than Social Security to support themselves in their later years. Baxter Porcher’s father is a great example of this. He spent his life being financially prudent and organized. But the stress of his health issues undermines some of the financial preparedness he had structured.
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