The "Me Generation" should be called the "Family First Generation"

The Boomer generation has a reputation of being selfish-- thus the nickname the "Me Generation." Whether this is true or not is up for debate.

However, what is not up for debate are the new findings of the survey conducted by Brightwork Partners for Putnam Investments. The survey found that 1 in 5 workers 45 and older, financially support a parent; 1 in 3 boomers 45 and older provide some financial support (housing or pay rent) for an adult child 25 and older. These numbers are staggering.

Gone are the days when boomers could retire.

Now, some of you may point to our entry yesterday and ask what's the problem if boomers are working in their retirement anyway. However, there is a major difference between wanting to work and needing to work. One main difference is if you don't have to work, you can have the luxury of working wherever, whenever, however you want--without worrying about the money-- thus less stress (ie. less wrinkles). If you need to work, you are limited in your choices.

This is a major dilemma for all involved.

Boomers will have to either postpone their retirement or work in their retirement -- which means there will be fewer jobs available for the younger generation because the boomers are still in the workforce. Thus, the younger generation will find it difficult to become financially stable causing their parents to keep supporting them. (Do you see the vicious circle?)

There are many great suggestions in the article "Support Squeeze" on MarketWatch, regarding how to speak to your children on being fiscally mindful so they don't depend on you for financial support. There are also great tips on helping your parents prepare for their own retirement needs-- such as long term care--so all the responsibilities don't fall on you.