Adult kids are spending thousands a year to support parents who didn’t save enough for retirement

So I just read this article that blew my mind - apparently, more and more adult kids are shelling out thousands of dollars each year to support their parents who didn’t save enough for retirement. Like, what the heck?

Basically, the article explains that a lot of baby boomers didn’t save the way they should have for retirement. Either they didn’t have access to a retirement plan, or they didn’t prioritize saving, or they didn’t realize how expensive retirement would be. And now, as they get older and live longer, they’re struggling to make ends meet. So their adult children are stepping in to help out.

I mean, I get it. It’s gotta be tough to watch your parents struggle. And if you have the means to help out, of course you want to. But some of the stories in the article were pretty wild - like, one woman is spending over $10,000 a year on her mom’s living expenses. That’s a lot of money!

The article also talks about how this trend could affect younger generations in the long run. If adult kids are spending all their extra cash supporting their parents, they might not have enough left over to save for their own retirement or pay off their own debts. And that could create a whole new chain of financial strain.

Honestly, reading this article made me grateful for my own parents, who made sure to prioritize saving for their retirement. It’s just another reminder of how important it is to plan ahead, financially speaking. We can’t predict the future, but we can do our best to prepare for it.

So, if you’re a millennial or Gen Z-er reading this, I encourage you to start thinking about your financial future now. Even if retirement feels like a distant dream, it’s never too early to start saving and investing. And if you’re a baby boomer with adult kids, maybe take a moment to thank them for their support - and maybe start looking into ways to boost your own retirement savings, too.