Parents: How You Can Help Your Adult Children
Children are now having to help support their parents during this pandemic, according to a survey.
New York Life reports that 38% of adult children say they will need to care for their aging parents in the next ten years and 5% said they are already caring for a parent.
Financial advisor Suze Orman points out that the survey isn’t only talking about adult children over 50 taking care of their aging parents, but Millenials as well.
“The survey finds that Millennial children are also now experiencing the sandwich of caring for their own children and a parent(s),” Orman said.
Many adult children are having to financially help their parents, which could cost hundreds or even thousands of dollars monthly. This will no doubt increase over time due to inflation.
Using the example of $1,000 each month, Orman explains that a 3% annualized rate of inflation will cost $1,500 in 15 years to pay for what costs $1,000 today.
How can parents help their children who are supporting them? Try limiting expenses, such as making lifestyle changes that promote health and fitness, or move into a less expensive home to reduce monthly bills.
“Focusing on how you can insulate your child from needing to financially care for you is how you avert or break a cycle that keeps generations of families from financial security,” Orman adds.
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