THE NEW YORK TIMES: My Retirement Plan Is You

This article was originally published by The New York Times on May 3, 2020. Here’s an excerpt from Georgia, and you can read the full article here.

Younger Americans should take this pattern seriously, says Georgia Lee Hussey, a financial planner in Portland, Ore., who has clients across the country. “Most of my clients have at least one parent that needs to be factored into their financial plan,” she said. “What’s tricky is that for some families, it can be unexpected. Especially in white American culture, people over 60 are often uncomfortable talking about their finances, and ashamed to ask their children for help.”

And don’t underestimate the power of denial. Ms. Hussey noted that many baby boomers watched their own parents enjoy an era of heartier pension plans and lower health care costs. Now, many Americans work hard all their lives but still don’t have enough savings to retire. “Then, suddenly their child realizes, ‘Oh, I’m going to have to take care of dad,’” she said. “It can lead to some incredibly difficult conversations.”