Caring for parents will cost boomers

Boomers, already strapped for cash, stand to lose even more money by caring for their parents, according to Fidelity Investments in Boston.
JUN 26, 2008
By  Bloomberg
Boomers, already strapped for cash, stand to lose even more money by caring for their parents, according to Fidelity Investments in Boston. The company estimates that, in a decade, about 50 million Americans will be over age 65. More than half will require at least a year of long-term care, and 20% will need more than five years of care before they die. Between 75% and 80% of all long-term care is provided by a family member: Some 29 million Americans are providing informal long-term care for family members and spending an average of 34 hours a week doing so, according to Fidelity’s long-term care research. The financial impact on a 50-year-old boomer who earns $50,000 annually is debilitating. Four years of long-term care for an 80-year-old family member siphons off some $140,000 in wages, Social Security and retirement plans over that boomer’s lifetime, Fidelity estimates.

Latest News

SEC bars ex-broker who sold clients phony private equity fund
SEC bars ex-broker who sold clients phony private equity fund

Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.

The key to attracting and retaining the next generation of advisors? Client-focused training
The key to attracting and retaining the next generation of advisors? Client-focused training

From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.

Chuck Roberts, ex-star at Stifel, barred from the securities industry
Chuck Roberts, ex-star at Stifel, barred from the securities industry

"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.

SEC to weigh ‘innovation exception’ tied to crypto, Atkins says
SEC to weigh ‘innovation exception’ tied to crypto, Atkins says

Chair also praised the passage of stablecoin legislation this week.

Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest
Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest

Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.