Being a part of the “Sandwich Generation” is not an easy path to follow. With the increase in life expectancy and the rise of other trends, such as couples having children later in life, many baby boomers are finding themselves taking on dual roles—caring for children AND caring for their aging parents. This can be a very stressful situation, physically, emotionally, and financially. While being a part of the Sandwich Generation is rarely easy, here are a few tips from financial planning experts that may help ease the load. - Begin by setting boundaries. Since it’s easy to put our own needs on the back burner, we have to consciously bring them to the foreground and accept that we can’t do everything for everyone. It’s especially important to set financial boundaries for both children and parents. For example, do you collect rent if your grown child moves back home? Do you look into long-term care insurance for your parents to help protect yourself financially? - Be sure everyone is on the same page. Financial advisors can help get the whole family together to discuss family finances and future plans, such as wills and power of attorney. It’s better to have a plan in place ahead of time than to be unsure of what to do in the middle of a crisis. - Educate yourself and your family. For example, learn all you can about college planning for your children and about long-term care options for your parents. - Take advantage of the benefits of the situation. Perhaps it means your family will get to spend more time together. There are even tax benefits available to those caring for their elderly parents! Of course every situation is different, but following these tips can help make each journey a little easier. If you have any questions or would like assistance, you can always call the CVAA Senior HelpLine at 1-800-642-5119.
Posted on: Fri, 08 Aug 2014 17:32:34 +0000
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