Finding a balance that supports your loved ones while securing your financial future is possible.
Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Are you juggling the responsibilities of supporting your parents, adult children and possibly even grandchildren? If so, you might be part of the Sandwich Generation. In my financial planning conversations with clients, this balancing act comes up in at least 35% of our meetings, reflecting a growing trend.
While having your children, their children and parents living with you can be incredibly rewarding, the responsibility can be overwhelming. Balancing financial resources, time and emotional energy while planning for your own secure future can seem nearly impossible.
It’s important to consider that you may not be helping your adult children by enabling them to rely on you for financial support. They miss out on building their own income and learning crucial life skills, and their dependency can erode their confidence and hinder their ability to re-enter the workforce. Striking a balance between offering support and encouraging independence is essential.
Being part of the Sandwich Generation is undoubtedly challenging, but finding a balance that supports your loved ones while securing your financial future is possible. While caring for your children and elderly parents may be extremely rewarding, you must make informed decisions. You don’t want your children to eventually look after you if you deplete your retirement savings due to being wedged between two dependent generations.
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