Planning for Retirement in the Sandwich Generation
Manage episode 402371166 series 3423688
Navigating retirement planning is no easy feat, and today's middle-aged adults, typically in their 40s and 50s, find themselves in what's known as the "sandwich generation." Juggling the financial support of both elderly parents and their own children, this dual responsibility often slips under the radar when planning for retirement but is very important to consider.
In today’s episode, we’ll focus on the common struggles faced by individuals in the sandwich generation, backed by studies from the Pew Research Center and real-life client stories. We unpack just how widespread and often underestimated this financial burden is and shed light on the potential strain it can place on your retirement plan if not addressed proactively. Join us as we chat about the importance of strategically accounting for these complex financial dynamics in your retirement plan.
Here’s what we discuss in today’s show:
- Financial challenges faced by the sandwich generation + findings from the Pew Research Center
- The burden on families dealing with the financial, time, and emotional aspects of supporting multiple generations, especially when planning for retirement
- Accounting for unexpected challenges and familial responsibilities in your retirement plan
Key Takeaway
"The sandwich generation is what you would think… we've got aging parents that may need a lot of attention, maybe even some financial help. And we’ve still got children that we are helping financially."
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