Did you know that the life expectancy of Americans has increased by 30 years since 1900? While this is definitely a good thing, at the same time it is sure to present many new issues. For example, many people consider longevity to be the next big public health crisis. As somebody who is getting ready to retire, there is a very good chance that the early phase of this part of your life will be filled with taking care of at least one elderly parent.
How the Longevity of Our Nation Will Affect Your Retirement
The chance of at least one of your parents living well into your retirement years is very good. For this reason, you have to consider the many options for caring for them. Your role as caregiver and decision maker is sure to affect your retirement plans in many ways.
Above all else, caring for your parents in retirement is a time commitment. Do you have dreams of moving to another part of the country during retirement? This is common among retirees. Unfortunately, if you are responsible for caring for your parents you may have to put this move on hold.
Of course, there are also financial obligations that come into play. This is dependent largely on how much money your parents have saved over the years, and whether or not they were prepared for this stage of their life. For example, if your parents have long term care insurance you may not have to put out much money. On the other hand, many people find that their parents want to move in with them. How would that change your financial situation, as well as your personal life?
As retirement approaches, consider all the options for taking care of your parents. Your role is definitely going to affect your retirement plans, both financially and personally.