The sandwich generation is a term that recently came into widespread usage as baby boomers have not only started taking care of adult children, but also of elderly parents who require more assistance as they age.
This can be a tough position for anyone, and Pasadena Star-News recently shared some tips for those feeling the squeeze:
1. Keep a goal in sight. By constantly updating financial objectives, one can help ensure that a budget is maintained and different savings goals aren't relegated to the backburner.
2. Don't fall into debt. Nothing wrecks a budget like mounting debt. Try to keep the spending to a minimum and cut costs wherever possible.
3. Consider long-term care options. It's important to get the subject out in the open, no matter how difficult it may be. Discuss options like an elderly alert system, which can help ensure that seniors stay safe but also allow them to live independently, allowing users to instantly send a medical alert if they require assistance.
4. Remember personal needs. Many baby boomers completely sacrifice their own retirement plans to give everything to children and older parents. Instead, be realistic about how much can be provided – to care recipients and to personal needs.