How to Fund Your Retirement as a Member of the Sandwich Generation
With the dual responsibility of managing the needs of your family while also securing your financial future, it's essential to strategize effectively for retirement.
With the dual responsibility of managing the needs of your family while also securing your financial future, it's essential to strategize effectively for retirement.
Today, a unique group of individuals finds themselves juggling the financial demands of raising children and supporting aging parents simultaneously.
The financial landscape for the sandwich generation is unique and often complex. On one hand, there's the rising cost of higher education, and on the other, there are the expenses associated with caring for elderly parents. This dual financial responsibility requires a strategic approach to ensure that both needs are met without compromising your family’s future or present well-being.
Caring for a loved one in need is a noble and often necessary responsibility, but it comes with significant challenges, particularly for your career and finances.
Most people will never forget when they first noticed their parents’ declining health. Many find it difficult to accept the reality of their parents aging, but it’s critical to know for certain what, if any, preparations are in place for their needs. The most crucial question to ask your aging parents at that moment is, “Do you own a long-term care insurance policy?”
According to the Pew Research Center, the number of Americans living in multigenerational households surged over the last four decades from around 14 million to nearly 60 million people, comprising almost 20 percent of the U.S. population.