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At times, your financial advisor will be your cheerleader, trusted confidant, and maybe even one day your friend. You see, that’s because there is so much more to financial planning than just numbers. But how much more?
Deciding to seek help for managing your finances is a big step, which is why choosing the right advisor to navigate you through is crucial. A financial advisor can be an invaluable ally in setting and reaching your financial objectives.
Massie Financial Planning recognizes the unique challenges faced by the sandwich generation, who are often balancing the care of aging parents with supporting their own children, all while planning for their retirement. Early retirement, whether by choice or circumstance, can significantly impact this delicate balance.
Today, a unique group of individuals finds themselves juggling the financial demands of raising children and supporting aging parents simultaneously.
With the dual responsibility of managing the needs of your family while also securing your financial future, it's essential to strategize effectively for retirement.
Caring for a loved one in need is a noble and often necessary responsibility, but it comes with significant challenges, particularly for your career and finances.
Most people will never forget when they first noticed their parents’ declining health. Many find it difficult to accept the reality of their parents aging, but it’s critical to know for certain what, if any, preparations are in place for their needs. The most crucial question to ask your aging parents at that moment is, “Do you own a long-term care insurance policy?”
According to the Pew Research Center, the number of Americans living in multigenerational households surged over the last four decades from around 14 million to nearly 60 million people, comprising almost 20 percent of the U.S. population.
If you ever feel like you’re “sandwiched” between taking care of your children and caring for older parents, you’re part of the “sandwich” generation. While this term can refer to people who are still raising young, school-aged children at home, it also encapsulates adults who have financially dependent (or partially dependent) adult children.
Almost 80% of caregivers routinely spend their own money while caring for aging parents. While everyone’s situation is different, a recent study found that caregivers spend on average 26% of their annual income, or $7,242, on caregiving.1 Caregivers, while more than willing to share their resources with their loved ones, can feel financially squeezed for several reasons. Not only are they likely to pay out of pocket for their parents’ expenses, but it’s possible they’ll pass up promotions, take a less demanding (and lower paying) job, or work fewer hours.