DENVER: 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 fifth step to getting back on track:
5. Build a long-term care plan: A long-term care plan is not a product. It’s not something someone can sell you. A long-term care plan is a strategy with an established timeline and predefined milestones. It is built upon one fundamental discovery question: “If today you became ill or injured in an accident and could no longer take care of yourself independently, how would you like to be taken care of?“
Once health-care milestones and timeliness are agreed upon, investigate care providers, confirm that your financial inventory supports this plan and meet with the family to agree on the new established plan.
These are the five steps every family should take to avoid or, at the very least, help alleviate the pain of becoming part of the sandwich generation. Preparing for illness and taking care of a sick loved one, is never an easy task. However, if you don’t plan or help your parents to plan, you could find yourself sandwiched between guilt and confusion.