Boomers Will Inherit a World of Trouble

Re: “Optimism on Boomers’ Inheritance Misplaced” (Nov. 13):

I suggest you look into the fact that not only is our inheritance an illusion, but our savings for retirement and for our children’s education is at risk.

Let me use myself as an illustration: Though I barely make ends meet, I have for the past 20 years faithfully tucked away savings for retirement. Now, however, I may soon become responsible for custodial care of my 81-year-old father.

Even as it stands now, Medicare does not cover custodial care. I have been warned that he will need 24-hour supervision and could live another 10 years. I have two options: to use my savings to hire a “baby sitter” or to quit work, become the “baby sitter” myself and live off my savings. Either way, my retirement funds will be gone in less than five years (even without unforeseen difficulties and living more frugally than may be possible).

At the end, it will leave me to begin saving for retirement at the age of 50 with the additional burden of an interrupted career. I thank God every day that I am childless, since that would mean a choice between the children and leaving my father sit on a street corner.

The reality is that Social Security, Medicare and Medicaid for one generation lifted the financial burden of caring for elderly parents and allowed people to build toward their own retirement and their children’s future. When Congress is done saving Social Security and Medicare, who will save us and our kids?

DEBRA L. WILEY, Inglewood