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

Finra's Reg BI Enforcement: Is it 'ineffective, costly'?
Finra's Reg BI Enforcement: Is it 'ineffective, costly'?

The industry watchdog's own reports reflect failures to deter "willful" and "repeat" violations, raising a crucial question about the future of regulation.

SEC prepares to back away from defending climate rule in court
SEC prepares to back away from defending climate rule in court

Acting Chairman Mark Uyeda directed SEC staff to initiate a pause in court while the commission awaits a quorum. The SEC may decide to withdraw from defending itself in a lawsuit over last year's climate disclosure rule.

wealth.com welcomes Kathy Wunderli in private wealth push
wealth.com welcomes Kathy Wunderli in private wealth push

The top estate planning platform's veteran hire will lead its legal team's efforts to develop estate planning, tax analysis, and wealth transfer solutions for ultra-high-net-worth clients.

Morgan Stanley loses $843,000 investor claim stemming from 'gold bar' scam
Morgan Stanley loses $843,000 investor claim stemming from 'gold bar' scam

“If Morgan Stanley had called my client’s son, this wouldn’t have happened,” the investor's attorney said.

LPL welcomes $630M sibling advisor duo from Corebridge
LPL welcomes $630M sibling advisor duo from Corebridge

Meanwhile, Ameriprise has bolstered its own ranks as an LPL defector joins its branch channel in California.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.