“Mother’s Day money advice” The Christian Science Monitor:
While greeting their college graduates back home, [Baby Boomer] mothers also assume economic responsibilities for the care of an aging parent, grandparent, or relative. A 2008 study indicated that almost 3 out of 10 baby-boomer mothers now fit the term “sandwich generation,” supporting a child under the age of 18 and a parent or grandparent.
Seventy-five percent of caregivers are women, assuming weighty financial obligations. Long-distance annual caregiver expenses were almost $9,000, with caregiver expenses for someone living nearby half that amount, according to a 2007 study by Evercare and the National Alliance for Care-giving. The majority of mothers will provide care for three or more years. And they frequently trade off a secure retirement to financially support an aging parent, taking out loans or increasing credit-card debt.
Comment: Not for the first time, I’m glad I’m a dad. But enjoy your day, Moms. If it were up to me, you would get two.
Post a Comment