Suze Orman’s latest Yahoo article titled The Parent Trap addresses the issues Boomers are facing with grown kids moving back in, as well as aging parents. I see another problem here, my own personal parent trap. Let me esplain…
My parents were crazy youngsters when hey had me, divorced when I was two, and then those crazy fools married again when I was in my late teens. Each had more children, and one parent even gained a whole other family. I have been on my own ever since.
My dilemma looks like this:
Aging parents, although they are in denial of that (my dad didn’t want to be called grandpa at first- probably had something to do with the fact he had a 3 and 8 year old himself!); they may not be quite ready for retirement themselves (dad much better than mom); they are still raising kids; if something happens to either of them, as their only child and the only one over 18, I will be the one to step in and care for them, make the tough decisions, and raise their kids (god forbid it come to that!). All this in addition to making my own way with two little guys.
I have my parents and siblings built into my long term plan, but for now, I have to focus on getting myself financially set. The proverbial oxygen mask has to go on me and my kids before I can attend to anyone else’s financial needs. (Ya heard?) Have you thought about how your family fits into your financial plan?