Most baby boomers are concerned about becoming caregivers for elderly parents as they approach their own retirement years, according to a survey by PNC Financial Services Group.
About 60 percent said they expect to have to commit time and resources to caregiving for their elderly parents, while 40 percent expect to have to financially support their elderly parents.
These expectations are having significant effects on retirement decisions. Nearly 30 percent of nonretirees who anticipate having to care for or financially support aging parents say they are planning to work longer in order to afford to provide for their parents.
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About one-third of current caregivers say they are spending 10 percent of their retirement savings, and one-quarter dedicate half or more of their time to caring for elderly parents.
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"Caring for a loved one poses many challenges, including a major commitment of time and money," said Joanne Shallcross, a PNC wealth planner. "It is essential to plan ahead with other family members to protect the financial health of one's self and family."
PNC looked at the specific ways that preretirees and retirees who expect to care for their parents in retirement are adjusting the financial planning to prepare for their inevitable responsibilities.
About 32 percent of pre-retirees and 21 percent of those already retired say they are saving more money. About a quarter of each group is delaying luxury purchases and travel.
Thirteen percent of preretirees have already taken money from retirement savings to help care for an elderly parent or loved one.
PNC surveyed more than 1,000 households, each with a least $100,000 in investable assets, and $25,000 in cash.
One-quarter of respondents had than $1 million in investable assets, and one-fifth are already retired.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
