The Pew Research Centre is a leading a non-partisan think tank based in America. Recently, the think tank released research findings on the number of middle-aged adults who are stuck providing financial support to their aging parents as well as their college-aged children. According to their research, the Sandwich Generation is made up of people whose age ranges between 30 and 50 and are in that financial situation. These people can feel tremendous financial pressure to provide for the entirety of their family and try to save for their own retirement at the same time.
Saving for retirement can be a difficult process and life can take many turns. That is why some people end up having to rely on their children in retirement. As such, the Sandwich Generation steps in to help, while also having to cope with rising costs of attending college for their kids and trying to save money for their own retirement at the same time.
Those in this situation should prioritize their retirement. Consider saving as much as possible during your youthful years. That way, even as your retirement approaches, you will still have money in your savings account. Meaning that as you continue saving, the social security fund continues to multiply.
Prepare for college early on by creating a college savings account early in the children’s life. That way, you can save yourself from financial burdens during their college years.
Know your parent’s finances as well. If you have to care for your parents, you must understand their financial position and know to what extent you can assist.
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