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How to Prepare for Your Own Retirement While Caring for Aging Parents Thumbnail

How to Prepare for Your Own Retirement While Caring for Aging Parents

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.

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Financial Challenges of the Sandwich Generation: Adult Children, Retirement, and Elder Care Thumbnail

Financial Challenges of the Sandwich Generation: Adult Children, Retirement, and Elder Care

For many professionals in the sandwich generation, the joys of family life come with an added layer of responsibility. You often find yourself nestled between two generations, each needing your support. Your children look to you for guidance, education, and often, financial aid. Simultaneously, your aging parents might require assistance, ranging from emotional support to more hands-on care and financial help. Welcome to the "sandwich generation."

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