, Columnist
Are You Ready to Take Care of Your Boomer Parents?
Adult children need to start having conversations now with aging parents about their finances.
Talk to them!
Photographer: Carlos Jasso/AFP via Getty Images
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Time to emphasize the boomer in boomerang. Millennials and younger Gen Xers are on the precipice of caring for aging parents who could soon be boomeranging into their homes.
This year, the eldest baby boomers will turn 77, and those born in 1964 (the tail end of the generation) will turn 59. It may seem early to raise the warning that millennials should start to strategize how to care for their parents, but not so much when you consider life expectancy rates. For women in the US, it’s 79.1 years, and for men, it’s 73.2 years, according to CDC data.