Every day, families like yours and mine are joining the ranks of the Sandwich Generation - a generation of people who care for their aging parents while supporting their own children.
According to the Pew Research Center, just over 1 of every 8 Americans aged 40 to 60 is both raising a child and caring for a parent.
The sandwich generation can be categorized into 3 types.
Traditional: those sandwiched between aging parents who need care and their own children.
Club Sandwich: those in their 50s or 60s sandwiched between aging parents, adult children and grandchildren, or those in their 30s or 40s, with young children, aging parents and grandparents.
Open Faced: anyone else involved in elder care.[i]
Stress on time and financial resources is common for families who face the challenge of juggling the needs of dependent childrent and parents, creating work/life balance, and setting realistic retirement expectations.
You may read The Sandwich Generation: Juggling Family Responsibilities to obtain additional information and resources. It's also recommended you contact your advisor to discuss your individualized planning needs.
Center planners have counseled many families. We understand current financial obligations must be met, while keeping long-term financial objectives on track for retirement and education funding.