Being your parent’s retirement plan - Expert Edition Episode 23 (Classic Episode)

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According to recent studies, more than 50% of millennials are financially supporting their parents. The statistics get even more interesting. Did you know that almost 75% of these millennials are women.

I also share my concerns about how caring for my parents will affect my finances in these episodes with Dr. Jay:

• When should you start planning for Long Term Care?
• Long-Term Care Planning Part 2

Also, according to a 2015 TD Ameritrade study, one in five millennials support their parents by spending an average of $18,250 per year. We discuss:

• How to budget taking care of parents. 
• How to avoid depending on your children by adequately funding your retirement. 
• The role of high divorce rates amongst baby boomers plays.
• Subsidizing retirement with a rental property.

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