Written by Marcy Ages, Vice President & Certified Professional Consultant on Aging, B.A, CIM, CFP, CPCA, CLU
Today, many people find they have to make a choice between adequately funding their retirement, their children’s post secondary education, and providing financial assistance for their elderly parents. You shouldn’t have to make that choice.
As a member of the sandwich generation, you’re responsible for all of the regular activities associated with raising a child. You drive in the carpool, take your son or daughter to extra curricular activities and help them with their homework. You also take care of the various expenses associated with running a household. On top of all this, you would like to pay for your children’s post secondary education if possible.
At the same time, your parents have reached the point where they can still live at home but they now need help with their day-to-day lives. They may need assistance with grocery shopping or a lift to their doctor’s appointments. You may have to leave work in the middle of the day to run errands for them and might even have to shorten your working hours, which could lead to less income for you. If they can’t afford to have help at home, you will either have to spend time at your parents’ house helping out with the daily chores, or use your own money to pay someone to do so.Read more »