The Impossible Dream: 70 Million Boomers Retire in Style -- Charles Hugh Smith

Charles Hugh SmithThe younger generations expecting to inherit the immense wealth piled up by Boomers in home equity and stocks may be in for a shock.

Charles Hugh Smith -- Of Two Minds

Sept. 15, 2024

I've reached the point in life where I see a sharp line dividing the adult populace: there are those of us who are old enough to retire who are taking care of very elderly parents/family members at home, and then there's everyone else.

Instead of life getting easier as we age, it gets harder--much harder, as we no longer have the same energy we had in our 40s and 50s.

This article captures what life is like for those of us fulfilling parents' wishes to live out their final years at home: The Crushing Financial Burden of Aging at Home: Families face soaring costs and mounting pressures in taking care of their loved ones. 'I never feel truly free.' (WSJ.com)

In my case, we spent the last eight years taking care of my mother-in-law, the last six years of her life here at our home. (She passed away at 92 last year.) So from ages 62 to 70, we had two jobs: caregiving and our self-employed paid work. In those years, we managed one vacation--not exactly the ideal retirement scenario.

Many others have it much worse: they're caring for an elderly, ill parent or spouse by themselves, with limited financial resources. Those who opt to pay for 24/7 home care for parents or spouses with dementia or Alzheimer's are paying $240,000 a year -- a sum that will consume the entire wealth of most families in a few years.

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