Being a member of the sandwich generation means that taking care of other loved ones is anything but cheap – one survey has found that most caregivers spend about 10 percent of their income tending to the needs of an older parent, according to MedicalNewsToday.
That's why Vail Daily shared some valuable tips for those who find themselves in this situation:
1. Automatically Save. If one's check keeps getting spent on adult children or elderly parents, it's hard to plan for retirement. Try to set aside a certain sum every month and participate in a 401(k) plan if possible.
2. Install senior alert system. While not one of Vail Daily's tips, this device can be a valuable resource for families, because it allows caregivers to leave for work knowing that an older adult is able to instantly send a medical alert if assistance is required.
3. Talk to parents. Many seniors have not taken the steps to planning for the future – that means that these older adults haven't drafted a will or estate plan. Families should sit down and have an earnest discussion about finances.
4. Don't go it alone. Financial advisers can aid support families who need help when dealing with an older adult's finances and their experience can be invaluable for effective planning.