It's a term that refers to adults who are responsible for their own lives, future and growing families – and the care of their aging parents. Roughly 20% of adult children find themselves in this position, with financial responsibility for their parents as well as coordinating the necessary care for them.
Whether you're financially responsible or simply trying to make sure your parents have a graceful aging process, it can be difficult to navigate these complexities alone. And finding help can be challenging and difficult. You may not know where to start, and what questions to ask, what decisions should be made – or in what order. Your responsibilities may seem to be in conflict with one another. There are a number of challenges that come along with being in the sandwich generation.
- One of the biggest is finding the time and energy to balance taking care of your parents while also raising children
- Many times, other parts of your life, such as planning for retirement, take a back seat.
Creating a plan to take care of your parents, while at the same time safeguarding your own future and that of your family doesn’t need to be difficult. Getting guidance and advice from a team of professionals can help free up your time, make sure your family gets the best care possible, and can even save money be avoiding mistakes. There are resources you can access, and there are always solutions. Whether you are looking to the future and want to plan ahead, or something has happened that needs to be addressed, it’s starts with a financial advisor that specializes in the unique situation of the sandwich generation.
A financial planner will be able to guide you through all aspects of your own retirement planning while also assisting with coordinating elder care services - everything from home health aides and personal caregivers to nursing homes and hospice facilities.
A comprehensive financial planner can help you identify and plan for potential issues on all aspects of your finances. Whether it's your retirement plan, cash flow, insurances or estate planning they help you build and maintain your wealth throughout your life. They can also help you navigate the complexities of stepping into the role of financial power of attorney. A financial planner will be a good first professional to hire as they will identify gaps in your current plan and refer you to other trusted professionals as part of your team.
Understanding your family’s wishes around healthcare and finances before a crisis occurs helps you become confident in the role you are asked to play as a caretaker and/or power of attorney.
You'll want to seek the counsel of an attorney who specializes in estate law. Your family will be best served with one who has specific knowledge and experience in estate planning and solving for the issues that may arise, as the issues go beyond drafting important legal documents such as a will or power of attorney, but your family If your parents haven't had a professional review of their legal documents recently it's better to tackle this before an issue arises. Having the right estate plan and the necessary legal documents will make caring for your loved ones a much smoother process.
A local eldercare consultant helps to plan for and execute on the healthcare issues that can arise. They can also help to refer you to other trusted professionals such home health nurses or daily money managers. Finding one that is local will be important as they will be familiar with local resources, doctors, and assisted living communities. They can help advocate for your parents with doctors, coordinate care, provide emotional support and make sure your family’s wishes are followed. Eldercare consultants have specialized experience and will be one of the cornerstones to a plan for aging well.
Managing the Responsibility – and the Process
When it comes to preparing for retirement and caring for aging parents, the sandwich generation has a lot on their plate. Many adult children are forced to take on both roles simultaneously, and it can be difficult to know where to start. Fortunately, there are professionals who can help you navigate this complex process. A financial planner with experience planning for retirees needing long-term care can help you plan for your parents' future and make sure they have a graceful aging process. They can also offer advice on how to manage your own retirement planning while taking care of your parents If you're feeling overwhelmed by the responsibility of caring for your aging parents, don't hesitate to reach out for help. With the right guidance, you can successfully plan your financial goals during this challenging time in your life!