As medical technology advances and people live longer, more and more adults will become part of the “Sandwich Generation”. The Sandwich Generation applies to people caring for their aging parents while still caring for their own children and, per US Census Bureau statistics[1], the number of Americans aged 65 or older will double to over 70 million by the year 2030. To bring recognition to this relatively new phenomenon and help minimize the potential for negative effects, July has been named Sandwich Generation Awareness Month.

Balancing work, child care, and elder care may cause major stress in the finances, emotions, and relationships of sandwich families. For example, caring for a parent can lead to financial stress as the result of the need to change work hours, refuse a job offer, a reduction in income, or the need for extended care. The challenges to elders are equally daunting and emotional stress may arise as parents are forced to give up control of their lives and forego their possessions. Finally, relationships may be strained as two generations of parents and children compete for time, attention, and status in a sandwich home.

So how are sandwich families coping? Here are a few tips to avoid Sandwich Generation problems:

  • Address Legal, Practical, and Emotional Issues: Talk with your parents about their assets, how they want to live as they age, what kind of health care and lifesaving measures they do or don't want, who should make legal and medical decisions for them if they are no longer able to handle their own affairs and take the necessary steps to honor their wishes.

  • Plan Ahead: Be realistic when projecting the income you’ll need in retirement and get your financial house in order. Consider the possibility that one or more of your kids will return home after college and/or one or more of your parents will need physical or financial assistance and plan accordingly.

  • Preserve Your Assets: A well designed estate plan should take into consideration potential costs associated with extended care for your parents as well as yourself.

  • Strike a Balance: Plan separate time for your spouse, your children, and your parents to nurture your relationships and avoid over commitment of your time for work or other social events.

  • Put Yourself First: While you may be tempted to put your own needs after those of your aging parents and children, don’t. Caring for others can be hard on your physical and emotional health so take advantage of caregiver support and resources in your community.

     

 

[1] http://www.census.gov/

 


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Roger H Morris, CLU®, ChFC® is an agent licensed to sell insurance through New York Life Insurance Company and may be licensed with various other independent unaffiliated insurance companies in the states of AZ, CA (CA Insurance License No.0594623), MT, NV & TX. No insurance business may be conducted outside these states referenced.

Roger H Morris, CLU®, ChFC®, ia a member agent of the Nautilus Group, a service of New York Life Insurance Company.

Roger H Morris, CLU®, ChFC® is a Registered Representative of and offers securities products & services through NYLIFE Securities LLC, Member FINRA/SIPC, a licensed insurance agency. In this regard, this communication is strictly intended for individuals residing in the state of CA. No offers may be made or accepted from any resident outside the specific state referenced.

Roger H Morris, CLU®, ChFC® is also separately registered as an investment adviser representative ("IAR"), under Eagle Strategies LLC, a Registered Investment Adviser, offering advisory services in the state of CA. As such, these services are strictly intended for individuals residing in CA.

Jasmita "Jessie" Patel, LUTCF is an agent licensed to sell insurance through New York Life Insurance Company and may be licensed with various other independent unaffiliated insurance companies in the states of AZ, CA (CA Insurance License No.0F29979), TX & UT. No insurance business may be conducted outside these states referenced.

Jasmita "Jessie" Patel, LUTCF is a Registered Representative of and offers securities products & services through NYLIFE Securities LLC, Member FINRA/SIPC, a licensed insurance agency. In this regard, this communication is strictly intended for individuals residing in the states of AZ and CA. No offers may be made or accepted from any resident outside the specific states referenced.

Jasmita "Jessie" Patel, LUTCF is also separately registered as an investment adviser representative ("IAR"), under Eagle Strategies LLC, a Registered Investment Adviser, offering advisory services in the state of CA. As such, these services are strictly intended for individuals residing in CA.

Scott Schultz is a Registered Representative of and offers securities products & services through NYLIFE Securities LLC, Member FINRA/SIPC, a licensed insurance agency. In this regard, this communication is strictly intended for individuals residing in the state of CA. No offers may be made or accepted from any resident outside the specific states referenced.

Scott Schultz is an agent licensed to sell insurance through New York Life Insurance Company and may be licensed with various other independent unaffiliated insurance companies in the state of CA (CA Insurance License No.0G83708), No insurance business may be conducted outside these states referenced.

R H Morris Insurance & Financial Services is not owned or operated by NYLIFE Securities LLC or its affiliates.

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