Current research shows that 1 in 7 middle-aged adults are financially supporting both their aging parents and their own children. This growing demographic is called the “Sandwich Generation.” They are called this because they are sandwiched between trying to support their parents and their kids, while also trying to save for retirement.
There are things you can do to alleviate this heavy burden. First, you should put saving for retirement above everything else. Continually put money in and resist the urge to dip into savings to get money for other financial needs. Second, get started earlier when it comes to preparing for tuition costs and for your adult children returning home after graduation. The rising increase in tuition and the resulting massive student debt is the primary reason many graduates return home after graduation. Third, you really need to understand your parents’ finances and health care.
HCR Wealth Advisors is a registered investment advisory firm that was founded in 1988. Since that time, the firm has been fully committed to helping clients successfully reach their financial goals. They are focused on helping people in any walk of life develop a financial plan for a brighter future for them and their families. There are so many things that can happen in life that require a financial strategy.
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