|
We've all heard the BabyBoomers, Generation X, Generation Y, the Social Network Generation ... labels shook around when explaining a specific age and group for many years, yet the Sandwich Generation? No, I'm not referring to an unexpected spike in appeal of turkey-on-rye lunch customers. Rather, it's a term now being utilized to explain a growing lot of families that discover themselves stretched between providing financial and sensible aid for both their adult children and their aging mother & fathers. It's an expanding phenomenon due to the truth that individuals are living much longer, and young people are struggling to obtain a strong start in the full-grown world. In recent researches performed by Bruce Gregor of Financial Demographics, the number of adults that have moms and dads still active, and are now grandparents too, has more than doubled since 1970. The movement is going to continue to expand as strides in medicine and science continue to improve and individuals simply live longer. The financial and psychological strain on a family can be substantial. A lot of sandwiched homes still have adult children living with them, in addition to caring for an aged parent. While there is no formal information held for 'sandwiched' houses, the number is substantial and certain to come to be more common in the future. So what can a sandwich household do concerning this situation? Appropriate economic preparation is vital. When elderly parents move into the residence, looking at their current and future economic wellness and the best ways to incorporate it into the family members can be helpful. Likewise, with young people around, expanding the burdens of caring for older parents can alleviate stress off the residence. Having a big family around cannot usually be less of a problem and more of a benefit if everybody is joining in to operate an efficient home. The author is now retired, but has served in the family financial industry for 26years and still offers advice on blogs. For more info or other articles on financial planning check out: Seniors Financial Solutions
Related Articles -
family, senior care, senior financial planning,
|
