Princeton Executive Center
4301 Route 1 South; Suite 220
Monmouth Junction, NJ 08852

LinkedIn YouTube
United Wealth Group LLC Home

United Wealth Group LLC

(732) 355-1050

 
Home NavigationMENU
  • About 
    • Mission Statement
    • Team
    • Products & Services
    • Useful Links
    • About Guardian
    • Careers
    • United Wealth Group LLC Website Terms of Use
  • Strategies 
    • Living Confidently
    • Financial & Emotional Confidence Quiz
    • The Reality of Life
    • The Living Balance Sheet®
  • Resource Center 
    • Retirement
    • Estate
    • Investment
    • Insurance
    • Tax
    • Money
    • Lifestyle
    • Small Business Webinar Series
  • Tools 
    • Glossary
    • Tax Resources
  • Contact
Money

How to Balance Finances as a Sandwich Generation Member

An estimated one in seven middle-aged Americans supports both a child and an aging parent.1 This isn’t expected to change any time soon. The circumstances created by the COVID-19 pandemic have added even more households to the “Sandwich Generation.” It has also shifted the demographics of this group, making it younger, more diverse and predominantly female.2

If you’re not currently a member of the Sandwich Generation, there’s a chance you could be soon. By the year 2050, there are predicted to be 84 million people aged 65 and older. Sadly, approximately 70% of them are expected to be unable to care for themselves.3

Having a close relationship with extended family is a privilege that enriches the lives of everyone involved. However, taking on responsibility for a parent can create both emotional and financial stress.

Proactively preparing for the possibility of joining the Sandwich Generation will help you enjoy your time with your aging parents while also balancing your own retirement goals. The following tips will help you get started.

Talk to Your Parents About Finances

You may feel uncomfortable talking to your parents about their finances, but doing so will benefit you both. Begin by letting them know you’re coming from a place of love and that you want the best for them.

Once they open up, discuss important questions like how much retirement income they expect and how they plan to address issues like housing and medical expenses. This will help everyone gain a clear understanding of their big-picture plan. Use the Retirement planner tool to have a productive discussion using insights and tips.

Explore Available Resources

If you believe you’ll be your parents’ primary caregiver in the near future, begin looking into available assistance. Depending on your parents’ income, they may be eligible for benefits through your state’s Aging Services Division, Medicare and other elder care resources.

Stay on Track with Your Savings

When your finances are spread thin, it’s easy to put your savings strategy on the backburner. However, continuing to save is critical for protecting your financial future. Make savings a priority and consider automating your retirement contributions. This will help ensure you don’t fall behind.

Create a Spending Strategy

Avoid relying on credit or regularly spending more than you can afford. Work with your family to create a realistic budget and make sure everyone commits to sticking to it. Don’t forget to account for your savings strategy and give yourself some wiggle room for unexpected expenses.

Protect Yourself and Your Family

Life insurance is an important part of your financial strategy. Make sure you and your family are covered and your policies are up to date. This will help ensure your family is taken care of if the unthinkable happens.

Begin Preparing Today

Speaking to your parents early-on and maintaining open communication will help avoid unpleasant financial surprises. It will also allow you the time to find out about your assistance options. In the meantime, begin preparing yourself by saving, budgeting and keeping your insurance up to date. Not only will this help reduce stress, but it will also lower the chances that your children will someday become a part of the Sandwich Generation.

Brought to you by The Guardian Network © 2021. The Guardian Life Insurance Company of America®, New York, NY

2021-117084 Exp. 2/2023

SOURCES:

1 “Why Employers Need to Support the ‘Sandwich Generation’”
2 “Millennials, Women ‘Sandwiched’ as COVID-19 Shifts Caregiving Responsibilities”
3 “Caring for America’s Seniors: The Value of Home Care”

Share |
 

Related Content

The Power of Compound Interest

The Power of Compound Interest

Learn how to harness the power of compound interest for your investments.

Financial Hacks for Millennials: From Side Hustle to Savings

Financial Hacks for Millennials: From Side Hustle to Savings

As of mid-2019, 45 percent of Americans have a side hustle, and that figure is only continuing to grow. In any economy, side gigs can be a great way to earn extra cash or explore new interests.

Paying Off a Credit Card

Paying Off a Credit Card

Enter various payment options and determine how long it may take to pay off a credit card.

 

Have A Question About This Topic?









Thank you! Oops!

Check the background of your financial professional on FINRA's BrokerCheck.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information.

Copyright 2022 FMG Suite.

This website is intended for general public use. By providing this content, Park Avenue Securities LLC is not undertaking to provide investment advice or a recommendation for any specific individual or situation, or to otherwise act in a fiduciary capacity. Please contact a financial representative for guidance and information that is specific to your individual situation.

Nick Saleem

Securities products offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC.OSJ: 355 Lexington Avenue, 9 Fl., New York, NY 10017, Phone # 212-541-8800. PAS is a wholly owned subsidiary of Guardian Life Insurance Company of America® (Guardian), New York, NY. United Wealth Group LLC is not an affiliate or subsidiary of PAS or Guardian. AR Insurance License #2973673. CA Insurance License #0H03588. 

Asghar Kazim

Securities products and advisory services offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC. OSJ: 355 Lexington Avenue, 9th Floor, New York, N Y 10017- 6603, Phone # 212-541-8800. PAS is a wholly owned subsidiary of The Guardian Life Insurance Company of America® (Guardian), New York, NY.  United Wealth Group LLC is not an affiliate or subsidiary of PAS or Guardian. California Insurance License # 0C53306.  AR Insurance License #703269.

This Forbes award is not issued or endorsed by Guardian or its subsidiaries.
Important Disclosures

Online Terms of Use

Online Privacy Statement

2021-126035  exp 8/30/23

Contact

United Wealth Group LLC
Office: (732) 355-1050
Fax: (732) 355-1051

Princeton Executive Center
4301 Route 1 South; Suite 220
Monmouth Junction, NJ 08852

FINRA Series 6, 7, 24, 63 & 65

akazim@unitedwealthllc.com

LinkedIn YouTube

Quick Links

  • Retirement
  • Investment
  • Estate
  • Insurance
  • Tax
  • Money
  • Lifestyle
  • All Articles
  • All Videos
  • All Calculators
  • All Presentations