Trying to Spare Your Retirement Savings

Physician's Money Digest, June 2007, Volume 14, Issue 6

According to MarketWatch.com, about1 of 5 workers aged 45 and older providefinancial support to a parent—and a fairportion of those baby boomers are alsosupporting their adult children. If you're aphysician who can relate to this situation,you are experiencing the stress of being inthe sandwich generation. But instead ofsacrificing retirement savings,MarketWatch.com suggeststhat you first considerall possibleoptions that mayprovide you with theextra funds.

When it comes to youradult children, if they are working butcan't make ends meet, you should sit themdown and discuss their budget and livingsituation—it may be time for your child tomeet with a financial planner. Planningwith your parents should also happen asearly as possible. Research the prospect ofbuying long-term care insurance for yourparents to offset their future nursing homecosts. You may want to consider seekinghelp from other relatives, borrowingagainst a whole-life insurance policybefore dipping into your retirement savings,or looking into whether or not yourparents can take out a reverse mortgageon their home.