How to Help Your Parents Retire Without Derailing Your Own Retirement

Millions of Americans worry about saving enough for retirement while also providing for their children's future, but most overlook another set of dependents who could cost them even more: their parents.

They're members of the so-called "sandwich generation," and their numbers are growing rapidly. Approximately 16% of families are currently caring for an elderly relative, according to a PNC Bank survey, and this number is projected to double within five years. More disturbing, only one in five are planning for it.

But planning is essential. It's the only way to stop this self-perpetuating cycle. If you don't plan, caring for your parents could derail your own retirement plans, forcing you to lean on your children in your old age -- while they're also trying to raise their own children, pay off their student debt, and save for their own retirement. You can stop this crisis before it starts by taking the following steps today.

Source Fool.com