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|Subject: Being "Sandwiched" in the 50's||Date: 2/20/2014 1:05 PM|
|Author: spl241||Number: 445039 of 475875|
(all stats below courtesy of recent MetLife research referenced in the linked article...)
When aren't there financial landmines to avoid when you're in your 50's? The link below describes one specific, possibly painful, unavoidable one. Sandwiched 50-somethings: aging parents are one sandwich component. Kids young enough to still require your support are another "slice," leaving you as the filling with the prospect of a hard financial chomp.
MetLife found the proportion of adult children providing personal care and/or financial help to a parent has more than tripled over the past 15 years. A quarter of adult children, mostly Boomers, provide some form of care to a parent. This entails a nasty interruption of what, theoretically, are peak earning years. What if those sandwich fillings feel especially obligated and determined, so much so that they exit the workforce early?
For those age 50 and older who leave the labor force early to care for an aging parent, the cost of providing that care averages $303,880 when you factor in lost wages, lost Social Security benefits, and the negative impact on pensions, according to the study.
Flavorful actual sandwiches are meant to be happily consumed. This type of sandwich has a very bitter taste, making it hard to swallow and digest.
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