Is your client's mother-in-law about to move in?

Is your client's mother-in-law about to move in?

Is your client

Concerning trends identified in the study include:

  • 50 per cent of pre-retirees (age 50+) said they would delay or compromise their retirement to help family members.
  • 19 per cent of pre-retirees said they have had at least one ‘boomerang’ adult child, who moved back into the family home.
  • 68 per cent of pre-retirees have provided financial support to adult children over the last five years (36 per cent without knowing where the money was used).
  • 33 per cent of of pre-retirees feel well prepared for retirement.
  • 24 per cent of pre-retirees feel prepared financially if their spouse was to pass away.
  • 23 per cent of pre-retirees feel prepared financially if their spouse was forced into retirement due to health problems.
  • 91 per cent of pre-retirees said they would not feel prepared if an aging parent or relative needed long-term care.
  • Though becoming a burden to family is the No. 1 retirement concern for 31 per cent of respondents (aged 68-88), 66 per cent of pre-retirees have do not have a plan to avoid having to living with a family member if they were not able to live independently.
  • 70 per cent of adult children (age 25+) have not discussed retirement or or aging with their parents.
  • 56 per cent of pre-retirees have not discussed financial issues such as a will, inheritance or retirement plans with their adult children.
  • 24 per cent of siblings (age 50+) have discussed how to provide financially for aging parents.

“This is unchartered territory,” says Freedman. “We have the baby boomers who are now retiring, but the economy is not the same as it was 10 or 20 years ago. We’ve moved from the industrial age to the technological age and there is no paradigm to follow. We don’t know the effects further down the road.”
 


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