Here's how 3 millennials are helping their parents save for retirement. (via CNBCMakeIt)
When Sarah and her wife got married, it was with the understanding that her mother would likely always need financial help. On top of sending her money for rent and other expenses, Sarah designated her mother as the recipient of a universal life insurance policy as a sort of ad hoc retirement plan. She expects to pay for her mother's full cost of living one day, or have her move into the house Sarah and her wife share.
His parents' divorce also led Brock Howard to offer financial support to his mother. Growing up, Howard's family qualified for food stamps, until his father entered the computing industry and they "went from poverty to upper middle class pretty much overnight." "As of now, economically speaking, I don't see it being possible for her to step out on her own and plan for retirement," Howard tellsHoward and his wife pay the housing and utility bills, as well as his mother's cell phone. They are also helping his mother set up some basic financial accounts, and plan to help with medical and long-term care costs in retirement. In return, Howard's mother watches the kids, which saves the couple on child care.
"I get frustrated that you get lumped up in the millennial bubble, that we're seen as lazy and not planning and not working toward the future or something bigger than ourselves," says Howard. "I know more people who are doing this than those who aren't."
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