While spending their 60s on the ski hill, golf course or simply at home with family and friends can certainly become a retirement dream reality, there’s one thing many new seniors might not have considered: they may be spending their golden years caring for their parents, children or both.
A recent TD Waterhouse Canadians and Retirement Report finds the challenges associated with caring for family, whether it’s parents and/or children, don’t appear to diminish with age.
Forty-one per cent of retired Canadians aged 55-70 still have at least one living parent, and 30 per cent find it challenging to balance the needs of their own families with that of their parents or in-laws.
Twenty-two per cent are financially supporting their children while 14 per cent are supporting their parents, either financially, or their parents are living with them.
“Caring for family can be a major constraint on both your time and finances. It’s important to plan ahead and consider different contingencies, including caregiving or financial support for parents and children,” said Reg Swamy of TD Waterhouse.