SEATTLE: The “sandwich generation” is a term coined for families squeezed between taking care of an aging parent and raising young children or supporting adult children.
This is becoming all too common with about one-in-seven middle-aged persons taking on financial responsibility for both a parent and a child, according to the Pew Research Center.
If you find yourself “sandwiched,” you may discover that your own retirement is at risk. Here is the first step to getting back on track:
1. Family meeting: The family meeting is simple, but effective. Many families hold financial affairs close to their chests. As a result, when a loved one becomes incapacitated or dies, family members are forced to scramble to determine final wishes and wrap up financial matters. Transparency is essential. A family meeting is the perfect time to decide who will handle what decisions.