Many elderly retirees with straining budgets are turning to their children for financial help, just as they are reaching retirement age themselves.
Some members of the workforce are having to delay retirement, so they can financially help their own parents as the life expectancy continues to rise, according to the Wills, Trusts & Estates Prof Blog in “More Retirement-Age Clients Facing, New Unexpected Expenses.”
This problem can be expected to get increasingly serious, as more elderly people continue to live longer. There is no easy solution to it, as the longer life span puts a strain on finances.
To overcome a financial shortfall, many elderly people are turning to their children for assistance.
Unfortunately, that can create a problem for the children.
Those children with elderly parents who need assistance are now starting to enter retirement age themselves. They often did not save enough to take care of themselves and their parents.
Longer lifespans are already expected to put deep financial strains on Social Security, Medicare and Medicaid in the near future, so a government-based solution is not likely to be forthcoming soon.
If anything, the government will try to fix the finances of current programs, rather than come up with new programs.
For now, the best solution is at the individual level. A plan should be in place to save a little more, just in case extra funds are needed.