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Jim Williams HealthKey.com contributor

September 16, 2009
Your parents give you life; they raise you, nurture you and keep you safe. Time passes, and you become an adult while your parents grow older. At some point, the roles are reversed, and now it's up to you to return their love as a caregiver.

It's a circle of life that has been repeated over the centuries, and one that can be challenging -- physically, emotionally and financially.

The Sandwich Generation

Many families today aren't just caring for their aging parents; they're also raising their own children. This so-called sandwich generation is a massive tide sweeping Baby Boomers across the country. Nearly 10 million families are now raising kids and providing financial aid to an aging parent, according to a Pew Research Center report.

Here are some tips to help you prepare:

  • Do your homework. Avoid surprises by being preemptive in talking to your parents; find out if they've made any financial preparations if the event they become ill or incapacitated.

  • Access your own finances. Meet with a financial planner to ensure that you have enough money for your own retirement. Remember, take care of you first!

  • Do you have the legal authority to act on your parent's behalf? It's important that you have a durable power of attorney to be able to pay bills and make financial decisions on your parents' behalf. Also, you'll need them to write a living will, which outlines their wishes if life-sustaining care is needed.

  • Finally, consider the possible need for extended home care or assisted living. Long-term-care can be a crushing financial responsibility, running up to $100,000 per year. This is something to discuss with your parents long before it would become a reality.