The number of women older than 50 in the workforce is double what it was 20 years ago and the number of 60 to 64-year-olds has tripled.

So many are returning to the workforce at a time when they've usually already left.

Recent Australian Bureau of Statistics figures show the increase in the labour force over the past 10 years is basically from this older female group.

For many women, this trip back to work is out of financial necessity. They're bearing the brunt of a three-pronged attack on Baby Boomer finances:

* Not enough superannuation to maintain their desired retirement lifestyle.

* Having to support elderly parents who are asset rich but cash poor.

* Supporting adult children and their families.

There's not much you can do to top up superannuation other than go back to work and keep building that nest egg for as long as possible. It's a big reminder for those within 10 years of retiring to focus on how much you'll need to maintain a comfortable lifestyle.

But the financial consequences of a nest egg already under strain is compounded by support for elderly parents and the increased expectations of support from adult children.

It's time to do something about these two areas.

To us, family is everything, and families look after each other. That's your responsibility for being in a family.

That family support often means sacrifices, but these need to be minimised if possible and shared across a family rather that fall on one person.

An action plan will help you cope. The key to caring for elderly parents is to find out as much about their finances before a crisis occurs. For example, do your parents have legal documents and do you know where they are located? Where are the bank accounts and who do your parents rely on for advice? What are their other investments and are they held jointly or separately?

Discuss the subject with your parents as early as possible.

Try to relate the argument to other families which have been split because of the lack of preparation for a sudden crisis with a parent.

Ask to meet their bank manager. Make sure your parents organise the meeting and make the introductions. At the same time, sign an authorisation which allows the banker to talk directly to you about their accounts.

It is vital a power of attorney is arranged to enable a friend, relative or solicitor to take control of your parent's finances when needed. A power of attorney can be limited to a piece of real estate or it can cover all financial transactions.

Make sure your parents are receiving their full range of government entitlements through Centrelink and Veterans' Affairs. It's amazing how many are not aware of the financial and care support available to senior Australians.

If your parents are still living in their own home and are short of cash to live on, talk to the bank about options such as reverse mortgages where they can turn assets into cash flow.

Get good advice on the consequences but it's a better option than draining your super or bank accounts.In terms of adult children, helping them in a crisis is a given. No argument.

But helping them maintain an unrealistic lifestyle with your financial help is not on.

No matter how guilty they make you feel, it's time to put yourself first. Financial planners accuse them of seriously eroding the potential retirement lifestyle of their parents by sponging off them unnecessarily.

Our golden rules on helping the children are:

* Adult children living at home must pay a realistic rent which is commensurate with living out of home. Draw up a lease for them which outlines the conditions and cost of their stay.

* Never go guarantor for a child's business or home loan. If the bank doesn't think they can afford the loan, why should you?

* Helping out with child care is a nice thing to do but full-time it is a job and you should be paid.

You'll hear the full range of sob stories about how hard it is to save up for a house and how life is so much tougher than when we were growing up.

But when we were younger we made the same sacrifices and didn't have the same opportunities or lifestyle as today.

Retirement is meant to be about you and making sure it's a great period of life.

It's about being a help to family members without being their slave.