My husband and I are Mid-Boomers
We still have living parents and we are looking retirement in the face!
My Mum and I often discuss our futures, wills and after life. I know what my Mum plans for her left behind goods and chatels, I know where her will is stored and who the executer is. I even know how she wishes to be remembered once she has passed.
Not all my siblings are on such terms as they cannot stand having to talk of such topics no matter how inevitable they are.
It got me to thinking how much my children know of my life and ultimate death even though I have no intentions of kicking any buckets any time soon 🙂
- It seems that Boomers are often afraid their children will fritter away inheritance and therefore without consultation we decide to control our money from the grave. As this can create resentment that could last generations perhaps we can rethink and make the children responsible for it once it is theirs. Research suggests discussing this with your CPA to reach a workable solution.
- Another thing that worries a lot of us is our own old age. Who will look after us? We are well aware from watching our own parents that we are in an era of longevity and high medical costs. Will we have enough to keep us through all eventualities. Is it even fair to expect the kids to step in and take care of us? A little forward planning with some health care could rescue the situation but again seek advice from your CPA to help acquire insurance which doesn’t give up on you.
- Boomers are called the “sandwich generation” because Just when we’ve finished paying our children through tertiary education than we find ourselves caring for ageing parents with all the confused emotions and finances that ensue:
The parents are scared stiff of nursing homes. The Boomers may want to avoid inviting their parents to live with them. The parents may see moving out of their own place as surrendering their independence and want to pass the family home to the children while the Boomers are wondering why they insist on living in that white elephant.
All in all from what I’ve read and encountered personally the number one thing we need to do is TALK.
- Talk with our parents
- Talk with our children and very importantly
- Talk with a CPA.
Let’s get it sorted as best we can while we have all our faculties and lets try not to have the problems. I’m talking to both already, are you?
Go well till the next time