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Don’t Make Me Say I Told You So 51
larger than the actual money spent on care. For the average
caregiver of elderly parents, a 46-year-old career woman, she
must also reduce the number of hours worked at her regular
7
job. This causes a reduction in salary and benefits.
Many Baby Boomers who are caring for elderly parents
are still raising their own children or have boomerang kids.
Prominent social worker, Dorothy Miller, coined the term
“sandwich generation” for those in this unenviable position. 8
According to a study by AARP, roughly 44 % of Americans
between the ages of 45 and 55 have aging parents or in-laws
as well as children under 21. 9
Summary
► Today’s retirees may have to provide housing, financial
help, or both to their grown children and grandchildren.
► Retirees may also have to provide care for aging parents.
► This help for adult children, grandchildren, aging
parents, or possibly all three, can put tremendous strain
on resources intended to be part of a retirement nest
egg.
Chapter 2: You’ll Need More Money Than You Think
