Challenges Faced By the Sandwich Generation and Tips to Cope With Them
Anna D. Banks, GCDF
February 13, 2008
An increasing number of Americans are finding themselves at that period of time when they have reached the peak in their careers and are thinking of their own retirement, when they find themselves having to take care of their children´s educational expenses while also taking care of their aged parents´ needs. This is the age group that is popularly termed as the ´sandwich generation,´ since they are caught in between two other generations.
If you are one of those who belong to the sandwich generation, here are a few challenges that you will be faced with:
As your parents get increasingly older, they will require assistance. Better living standards have resulted in longer lives, and you parents may need your help in being prepared for the future adequately.
If you have a small family, and the members are dispersed widely, you might have to be the person who will be taking care of your parents mainly.
If you chose to delay having children in order to concentrate first on making a success of your career, your children might be beginning their college while your parents also start becoming dependent upon you.
You could also have to cope with taking care of ´boomerang children´, who may have had to come back home either because of losing their job or on divorcing.
Similar to many other people, you also are probably incurring unprecedented amounts of debt, facing shortfalls in your pension, and worrying about Social Security and its future.
It is difficult enough these days to hold down a job while also bring up a family, without the added burden of keeping at bay retirement, college, and worrying about the needs of aging parents. However, much future expense and stress can be avoided by determining a few goals and working out a flexible plan now. By planning for the future, you get the chance to take into consideration what the rest of the family wishes and avoid disagreements later with your brothers and sisters about how your parents will be cared for. Here are some tips which you can use to prepare for the future:
Begin saving as soon as you can for the soaring college expenses for your children.
Begin controlling your debt as best as you can. Installment payments such as credit cards, car payments, college loans, personal loans, and so on, should be kept down to 20 percent of your salary.
Make a reappraisal of your monetary goals on a regular basis, so that you can make changes if required to make allowances for unforeseen events like a change in the career or a parent falling ill.
Make investments for your future by saving as much as possible in a retirement scheme, wherein your tax deferred savings grow until you reach retirement age.
Encourage your children to be realistic. Although they may want to go to an expensive educational institution, it would be an additional burden if you cannot meet the expenses. Do not dip into the savings you make for your retirement in order to provide for your children´s college. They can take loans and repay them from their salaries in the future. Your retirement savings will be your only income in your future.
In case you have to cope with boomerang children, share your plans and expectations with them. Do not hesitate to discuss a departure date with them.
Find out from your parents about whatever provisions they have made for their future, such as whether they have insurance for long-term care, or if they have an adequate income for their retirement. Find out where their personal documents are and make a list of the friends and professionals they depend upon for support and advice.
And finally, taking care of you is equally important. Get proper exercise, rest as well as relaxation. Remain involved with your interests and friends. Keep communication lines open with your partner, parents, siblings, and children. This could be particularly important for your multi-generation family functioning smoothly, which in turn will lead to a healthy and workable environment at home.
©2008 Anna D. Banks, GCDF
If you are one of those who belong to the sandwich generation, here are a few challenges that you will be faced with:
As your parents get increasingly older, they will require assistance. Better living standards have resulted in longer lives, and you parents may need your help in being prepared for the future adequately.
If you have a small family, and the members are dispersed widely, you might have to be the person who will be taking care of your parents mainly.
If you chose to delay having children in order to concentrate first on making a success of your career, your children might be beginning their college while your parents also start becoming dependent upon you.
You could also have to cope with taking care of ´boomerang children´, who may have had to come back home either because of losing their job or on divorcing.
Similar to many other people, you also are probably incurring unprecedented amounts of debt, facing shortfalls in your pension, and worrying about Social Security and its future.
It is difficult enough these days to hold down a job while also bring up a family, without the added burden of keeping at bay retirement, college, and worrying about the needs of aging parents. However, much future expense and stress can be avoided by determining a few goals and working out a flexible plan now. By planning for the future, you get the chance to take into consideration what the rest of the family wishes and avoid disagreements later with your brothers and sisters about how your parents will be cared for. Here are some tips which you can use to prepare for the future:
Begin saving as soon as you can for the soaring college expenses for your children.
Begin controlling your debt as best as you can. Installment payments such as credit cards, car payments, college loans, personal loans, and so on, should be kept down to 20 percent of your salary.
Make a reappraisal of your monetary goals on a regular basis, so that you can make changes if required to make allowances for unforeseen events like a change in the career or a parent falling ill.
Make investments for your future by saving as much as possible in a retirement scheme, wherein your tax deferred savings grow until you reach retirement age.
Encourage your children to be realistic. Although they may want to go to an expensive educational institution, it would be an additional burden if you cannot meet the expenses. Do not dip into the savings you make for your retirement in order to provide for your children´s college. They can take loans and repay them from their salaries in the future. Your retirement savings will be your only income in your future.
In case you have to cope with boomerang children, share your plans and expectations with them. Do not hesitate to discuss a departure date with them.
Find out from your parents about whatever provisions they have made for their future, such as whether they have insurance for long-term care, or if they have an adequate income for their retirement. Find out where their personal documents are and make a list of the friends and professionals they depend upon for support and advice.
And finally, taking care of you is equally important. Get proper exercise, rest as well as relaxation. Remain involved with your interests and friends. Keep communication lines open with your partner, parents, siblings, and children. This could be particularly important for your multi-generation family functioning smoothly, which in turn will lead to a healthy and workable environment at home.
©2008 Anna D. Banks, GCDF
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