11/6/2014 – Your parent’s expenses can take a big bite out of your retirement (MarketWatch)

Greater longevity may strain even the best-planned retirement portfolio, resulting in lifespans outliving wealthspans. And, helping mom and dad manage their longevity risk is likely to be the most costly for younger baby boomers and Gen X families in their 40s and 50s — just when college expenses and retirement savings are converging and competing for limited dollars.

According to Pew Research, one in three adult children today are supporting their aging parents financially, and more than 70% who provide funding report that the money is for continuing expenses. Looking to the future, elderly baby boomers, with far less savings than their parents, may benefit from their millennial children’s sense of duty. More than 80% of millennials report that providing financial support to an aging parent is their responsibility.

Read the full article at MarketWatch.