It seems like all of my friends and colleagues are managing ailing parents - all at once.
Coincidence? Probably not. The 'baby boomers' were a big demographic bulge and we're now between 50 and 60 years old. Our parents are between 70 and 90. Modern medicine has compressed mortality, so a good percentage of boomer parents are still alive. In ten years most of them will be dead.
I wonder what the economic impact of this concentrated elder care will be?
1 comment:
One likely outcome is boomers who have lost much of their retirement accounts in the current economy are counting on inheritance to bolster their security in old age. If their parents live "too long," those funds will be used for longterm care and will no longer provide the inheritance that boomers will need. Combine that with disappearing pensions and problems with Social Security and you have a terrible burden for the children and grandchildren of boomers.
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