The sandwich generation refers to people who are responsible for caring for both aging parents and growing children. Having to meet the needs for both generations puts them in demanding situations. They are often taxed physically, emotionally, mentally and financially. Financially is what we want to focus on today.
1. Find a qualified, reliable financial advisor - It can be difficult to learn the world of finances and investing. Working with someone who is qualified and expert in the field can help grow your portfolio, making the money work for you, and can help bring you peace of mind so you can focus on other responsibilities and joys.
2. Explore Long Term Care Insurance - There is a branch of insurance focused purely on providing care for later years - nursing homes, in-home care, help with activities of daily living etc. These may not be covered by regular health insurance or Medicare. It is best to start a plan such as this earlier in life. It will cost less.
3. Go over financial health with your aging parents - Sit down with your parents and find out how they are doing financially. Do they need help? Are they prepared for later years? How can their situation be improved upon?
- Sandwich Generation - investopedia.com
- Advice to the Sandwich Generation: Make Sure Your Financial Plan is Sound - Kiplinger.com
- Aging Parents Plus Kids: How to Cope with Sandwich Generation Stress - Bank of America