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Karen Palumbo

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     Many are sacrificing retirement to help parents, children.......

      I came across this article in today's newspaper and thought I would share it because I have written about this topic in my book. In the article it is referred to as the "We" generation. I phrased it as being "sandwiched" in the middle.
      "Baby boomers who once made up the "me generation" are morphing into the "we generation", as their focus shifts from themselves to others. Nowhere is this more evident than in their dealing with family issues. Many are helping elderly parents and grown children with their financial needs."
     "Unfortunately, this additional monetary commitment is forcing many middle-aged working Americans to postpone or save less for their own retirement."
     "According to a study sponsored by mutual fund company Putnam Investments, twenty one percent of the 29.3 million working adults with at least one living parent provide them with an average of $240.00 of financial support per month. The picture is similar for the 23.5 million working Americans with grown children. Almost half provide their kids some financial support, including nearly one quarter that either house or write a rent check for them."
      I have written about this very topic in my book and referred to all adults in the working world as "sandwiched in the middle". I am not certain it is a new phenomenon, but it is certainly a fast growing one.
     I see it happening just about everywhere I go. When we are out and about I usually will end up in a conversation with someone in this position. They are both working to pay their children's college expenses and at the same time take care of the needs of their parents. I hear it all the time how retirement is just out of the question. They cannot afford to retire. How will they come up with the money that is needed to take care of their children and their parents?
     "Americans who were already struggling to prepare for their own retirements are now facing new, unexpected responsibility for their parents and grown children thanks to rising costs of housing and living expenses," says William Connolly, head of retail management at Putnam."
     "Nevertheless, they give willingly. Fifty-seven percent of those supporting their parents financially said they were "very pleased" to make the sacrifice. Thirty-eight percent of parents supporting a grown child felt the same way, although this support came as a surprise to seventy percent of them."
      Something for all of us to think about because we could all be in the same position one day, if not already.

    

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Reviewed by Kenny Bartholomew 10/3/2010
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Reviewed by Ch'erie de Perrot 4/22/2009
Excellent article Karen, sorry state of affairs indeed. We see it happening here too, more n more as the Monetary system is messed around with.
:) Kudo's
Ch'erie
Reviewed by Moira Speirs 2/22/2009
Interesting article Karen. Although I have never been in the position of supporting aged relatives( we burn brightly but not long in my family) I am very aware of the need to leave my children free of debt and responsibility as I grow older. Thank you for posting it , and thanks for your sweet review of my poem
Reviewed by Michelle Kidwell Power In The Pen 2/16/2009
I think you hit the nail on the head with this one, I am not a baby boomer, I guess they would call me a Gen X'er but I have many friends and loved ones that are, and they can relate to this, I think in some way we all can.
In Christs Love
Michelle~
Reviewed by Melony Cooper 12/29/2008
This is a great story. I know so many people in similar situations. Hopefully the economy will change.

Peace and Blessings
Melony
Reviewed by A Serviceable Villain 12/1/2008
Hello Karen,

Being "sandwiched" in the middle is so appropo . . . as is this first rate write!!


Hugs,

Lance
Reviewed by G Fralin 11/20/2008
An all too true view of what is happening. Yet I have to say, we are so much better off than many who have no one to help them out.

I don't know how my husband and I would handle it today if we had to support any of our family for very long. Combining income isn't so bad, but supporting them on what we make would be impossible. A few short years ago, we would have no problem.

I think it is a shame that we are all in the economic mess we are, but sharing the "privilage" of helping in the care and support of an elderly parent is one way of honoring them.

I'm just glad my parents have six children. :-)
Reviewed by Linda Zebsokey 10/14/2008
Dear Karen,
I found this article quite interesting. My husband and I are in that position (with one of our parents and both college age kids). We are blessed to have enough income to do all that needs to be done without a struggle (most of the time). Your story points out a facet of our society that has caught many of us by surprise. It helps to be reminded that we are not alone.
Thanks,
Linda
Reviewed by Mark Chevalier 9/19/2008
I fully expect that in the next five to eight years both my mother, and mother in-law will require some type of assistance. But I love them both, so I'll do what needs to be done. The only thing I wish would happen...that the government would get thier hands a little less deeply into my pockets so I can manage a little better.

Nicely stated and articulated.
Mark
Reviewed by Jill curry 7/18/2008
I have seen this happen - my mum looked after her mother and it took such a toll- senile dementia is never easy


your friend jill curry
Reviewed by Melissa Mendelson 7/2/2008
Hi, Karen.

Unfortunately, your story is very close to home. I've been watching my parents struggle with money and struggle with supporting their six children. My father retired a couple of years ago but now works at another job to bring in extra income for his family.

My brothers and I unfortunately hold our hands out to our parents to ask them for help with finances, but I hate asking them for help. I've been trying to find a job for the last month, but so far, there is nothing out there. And the bills are climbing.

Things are getting even more difficult out there, and the economy is looking grim. And the weight falls on my parents, who are struggling to pay their own bills as well as their children's bills.
Reviewed by Katie Gabrielle 5/27/2008
This is very true Karen! I see this all the time. My own sister spent years taking care of my Mom and then she thought she would have her life back and then her mother in law needed her for a few more years. She broke down and cried and asked "when will it be her turn to start living?"

its so true...she is so giving and she is in this we generation

such a inspirational and informative write Karen.

thanks

katie
Reviewed by Susie McCray 5/23/2008
Great write. My babysitter raised her three children, adopted three children and is now taking care of two of her grandchildren. Her unselfish love has helped many people and I admire her.
Reviewed by Timothy writerwanted@hotmail.com 5/13/2008
How true this is. My mother in law is doing just that. She cares for her elderly mother while helping her youngest daughter family. They all live in the same home.Great observation of the current times.

God bless,
Tim

Reviewed by Eileen Granfors 5/5/2008
This really goes well with my thoughts today in "Fault Lines"--I can handle the $$, but the loss of privacy and independence is a deficit that is harder to deal with. Good article and a good idea about finding the middle ground in your message to me. Thanks, Karen. Eileen
Reviewed by Bernice Angoh 4/1/2008
Very scarry indeed.
Reviewed by Sheila Roy 1/11/2008
Karen,

Thank you for sharing this article and offering your views on it. I've also run into many people in these types of situations. I think the future holds more of a crunch feel for these types if and when social security disappears. Should that happen, many will be forced to think about their own retirement instead of offering their help to those they care for. It would increase a person's feeling of helplessness & perhaps bitterness toward the system. Hugs:)
Sheila
Reviewed by Carol Rzadkiewicz 12/21/2007
An extremely well-written article, as well as one that strikes home, mainly because I myself am a Baby Boomer. Moreover, here I am at my age and cannot even begin to invision retirement. Sad but true. ;-(

Again, it's an excellent article. Bravo!
Reviewed by Charlie 12/16/2007
Reading this, I can't help but realize how fortunate I am. I remember talking to my mother-in-law about my childhood on a farm-- about how hard I worked, and the money I earned to buy my own clothes, school supplies and incientals, not to mention savings which paid for my college. She said that was child abuse-- that I shouldn't have been made to work that hard, but I saw it differently. I see friends I grew up with, my own age, who are in debt up to their eyebrows, and raising kids who feel "entitled" to all they can dole out. I look at my father who still has retirement money because he didn't "use it" on us kids-- his house is paid off-- what a blessing for us kids not to worry about his finances. I'm just sorry he couldn't have spent more money in his prime. My mother-in-law, on the other hand, had children who couldn't wait until she died so they wouldn't have to take care of her. Is that not extremely sad! No. I think My folks had it right. Teach your kids to fend for themselves-- even if that means post-poning college for a couple of years. In the very end everyone will be better off for it. (That's my humble opinion. -- Charlie)
Reviewed by Axilea MU 12/13/2007
Thank you for sharing the information and your personal point of view.

I know that the same phenomenon is taking place in Europe and it increases a feeling of insecurity.

Insecurity is also a feeling that easily leads to wars, racism, hatred for those who have a little more (while those who have a lot are protected and invisible) and all kinds of extremism, religious or political.

It seems that it's difficult to find the right balance between "me" and "we", even from a psychological viewpoint.

Thanks for sharing.

Axilea
Reviewed by Robin Ayele 11/4/2007
0Karen,

I find this article very informative. It is a scary prospect, that we may be out there with no nest egg because most of our financial resources go towards everything but our bank account. But then we love our family and would do anything to help so it can be a very tough situation...thanks for bringing this subject to our attention.

Robbie Ayele
Reviewed by Dr. Beverly Medley Jones 10/3/2007
Karen, You brought out some facts to think about. I hope my children will also become part of the "we" generation.
Beverly
Reviewed by Staci Gansky-Wagner 9/18/2007
So true!! What a great article. You are right on it. I am part of the Samdwich Generation. Also congrats to you, anyone who has the drive to put themselves through college deserves a gold medal, it is very difficult--I know because I did that also.
Reviewed by Irina Karstein 9/10/2007
Interesting article. The reason boomers also have to help their kids, I think, and from what I've read (books like Generation Debt, for example), is also because Generation X and Y are under so much financial pressure -- working hard with a BA or Masters, only to be swamped with so many bills, like high student loans and rent for example, as you mentioned, the cost of housing is really ridiculous. I can't even mention how many people my age live with their parents or have moved to the south because they can't survive in California. It's a real problem! Thanks for addressing it.
Reviewed by Susan Kelley 8/23/2007
Karen, this is my husband and I exactly. We should be looking at retirement instead, we've never been so poor. This is so insightful, but I never realized it was so pervausive.
Reviewed by Cleve Sylcox 6/16/2007
Karen your right on track, I can't wait to finish reading your book.
Reviewed by Patricia Bankhead 6/14/2007
This is so true Karen. My mom is disabled and I had to quit work to take care of her. My husband is the only one working at the time so money is really tight. I can relate to this story. Thanks for sharing. Patricia
Reviewed by Horrace Foster 6/14/2007
I love your work on this and what it means, I am fifty-one years old since I was seventeen I realized that there was something wrong in America in the way that after you turned fifty-five you didnt count you became a burden, my mom is still with us and I love her to death I can not fathom what I would have done if I could not fall upon her wisdom and wit. I needed to read that article, I hope that America realizes the wealth of wisdom that it is trying to throw away.
Reviewed by Mary Coe 6/13/2007
Great article on family helping family. Thanks for sharing.
Reviewed by Larry Lounsbury 5/8/2007
This really hits home.One positive aspect is that it is still nice to know that family still remains important.
Reviewed by Mary Patterson 4/26/2007
I think its a part of life for some of us. Family has always taken care of family in our family unit....M
Reviewed by Bob Caterino 4/18/2007
Yeah, I am in the same situation with a grown daughter but what can you do, family is and always has come first. Now Karen, as "WE" which is not French but ... oh ok, no comedy here just caught my interest and going to read all your work now. Great job we , um you are doing, am doing, is doing, um, great job."
Reviewed by Dale Clark 4/15/2007
Education is so important to our children
and grandchildren. This is a great article
and one needs airing, yeah we we we... right? ;)
Money is a major battle in our lives, unfortunately.
I would like one day for a bit of peace, but other
things are important in this life. Great!
Reviewed by Henry Lefevre 4/11/2007
It seems to me that my kids must belong to that "we" generation. However, we have been lucky enough to avoid becoming their problem. If we live another twenty years, that situation might change due to the inflation we dumped on our kids. C'est la vie.

Hank Lefevre
Author of "A Spoonful of Humor" now available at Amazon.com.
By the way, how did you get so many dot.com sites to carry your work? You must be an expert in marketing.
Reviewed by Gwendolyn Thomas Gath 4/9/2007
"The "We" Generation"
Has hit the nail right on the head for sure!
However provocative, and shocking it all is to us nonetheless we are faced with such ordeal gladly and willingly giving.

Thank goodness for blessings because nowadays one has to not only have provisions for themselves and immediate family but extended members as well!

There are times when the majority of such expenses can be 1000+ per month one never knows as the maturity sets in for the parents of baby boomers! This is quite a timely issue you have presented, much respect to you for sharing this article it is right on the money as they say~smile.

All the best to you continued inspiration Karen and thank you!
Sincerely,
From the Heart of an Artist...
Reviewed by Agnes Levine 4/4/2007
Hi Karen,

Thanks for sharing this article and your comments. This is a new embarkment for me as my mother "matures" in the aftermath of my father's passing. While I do not have the financial means to help her, I am now realizing my emotional bank is being "re-financed" with her emotional issues being middle-aged and health deteriorating. Her worries are my worries and I know I have to come up with a plan for us both so this information is helpful for forecasting.

This realizationis also scary and it certainly helps to learn how others cope. Thanks agains for sharing and I am looking forward to reading more of your work. God bless,
Agnes

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