Are you spending as much time driving your parents to doctor appointments as you are driving kids to soccer? Navigating both long-term care and student loans? Trying to budget for your own retirement while also worrying about your parents’ healthcare costs and your children’s next big milestone?
If that sounds familiar, you are squarely in the Sandwich Generation. You’re a hero to the people you love, but without proper planning, it’s easy to get stuck in the middle.
The reality is that many families supporting both aging parents and adult children are overspending, under-planning, and delaying their own retirement. Protecting your financial future while caring for the people you love starts with a cohesive plan you can actually stick to.
Where Are the Pressure Points?
Here are a few areas to pay close attention to:
- Cash-Flow: You may be dipping into retirement savings or emergency funds to cover unexpected medical bills, tuition, or day-to-day support.
Ask us about: Cash-flow planning and retirement projections - The LTC Blind Spot: A major health event for you or an aging parent could have a significant impact on your savings, your budget, and your future choices.
Ask us about: Long-term care strategy - Estate Confusion: If your parents’ estate wishes aren’t clearly documented and communicated, it can lead to delays, stress, and potential conflict later.
Ask us about: Family estate planning - Missed Opportunities: Multi-generational support can create potential deductions or tax advantages that often go unused without proactive planning.
Ask us about: Tax planning coordination
Turn Insight into Action: Your Caregiving Snapshot
The first step to a better outcome is getting a clear picture of where you are today. Use this quick snapshot as a check-in. Every “yes” is a signal that it may be time to revisit or update your plan:
- You are providing regular financial support to parents, children, or both.
- You expect that support to increase over the next one to three years.
- Your work decisions (reduced hours, job change, or earlier retirement) may be influenced by caregiving responsibilities.
- Care expectations, end-of-life wishes, and key legal documents have not been fully discussed or documented with family members.
- You do not have a backup plan if your own health or ability to work changes.
Forging a Plan
Once you’ve taken stock of your situation, the next step is to work with us to coordinate a plan that aligns your resources with your priorities, including:
- College & Retirement: Designing a strategy for funding education (e.g., student loans vs. 529 plan withdrawals) that doesn’t derail your retirement timeline.
- LTC & Life Insurance: Reviewing your family’s insurance portfolio to better manage the financial impact of chronic illness or long-term care needs for you and your parents.
- Taxes: Integrating your tax strategy so that dependency claims, medical expenses, gifting, and asset liquidation all work together, not against each other.
Don’t wait for a crisis to force your hand.
If you’re feeling stuck in the Sandwich Generation, a comprehensive strategy can help safeguard your loved ones and your own future.
Ready to bridge the gap?
Simply reply to this email to schedule a meeting to get the conversation started.