The Sandwich Generation is a group of people who find themselves in a tough financial spot. These people are middle-aged parents who are taking care of the financial needs of their kids going through college and their elderly parents at the same time. Doing either one of those things can be a financial burden, but doing both and trying to save for your own retirement at the same time is truly a challenge.
Plan for Your Retirement
HCR Wealth Advisors seek to protect their clients against the risk. The heavy load of financial responsibility placed on the Sandwich Generation is something that many can’t avoid. However, it is important for the sandwich generation parents to continue planning for their future retirement. You don’t want to have to rely on your kids or your own retirement.
Plan for College
The financial costs of college can be unexpectedly high. Don’t delay planning for your kids’ education. The price of college education is continuing to rise year to year, so the earlier that parents begin saving, the better. The odds are those savings will dramatically lower the amount of money that your kids will need to borrow to cover their tuition and expenses.
Know Parent’s Situation
Caring for older parents is a responsibility that more and more people have to bear. Therefore, it is vital to take a close look at your senior parent’s overall financial situation. How much income do they have coming in monthly? What about their health care cost? Sit down and discuss these matters with your parents. Work out a plan to cover all their financial burdens and health care cost.
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