<p>collegehelp wrote: "Why would kids ever have to pay for the care of their elderly parents? "</p>
<p>OK, this explains why you have taken many of the positions you have. You really don’t know, do you?</p>
<p>Like happymomof1 said, you never know what life will throw at you.</p>
<ul>
<li>everything is going great, and the industry you’ve been in for 25 years is being slowly relocated to China.. earnings go down, and after a few years you’re out of a job, looking for a new career at 50 at half the earnings.</li>
<li>cannot afford LTC insurance, and an LTC hits </li>
<li>children need money</li>
<li>parents need money</li>
<li>you don’t make enough after taxes, mortgage, expenses, and auto/health insurance to save enough for both college and retirement</li>
</ul>
<p>The fact is, MOST people cannot afford to take a $200k after tax hit now, or ever, no matter how much planning they do.</p>