Many baby boomers who are trying to raise children have also experienced a role reversal when it comes to their own parents. Millions across the country are part of the so-called sandwich generation and are struggling to balance being a good kid with being a good parent.
The Green Bay Press Gazette recently suggested some tips that can help boomers who are feeling overwhelmed by their responsibilities. The most important step to becoming a caregiver for parents is to know the details of their financial situation. It's also important to plan ahead of long-term care options.
Setting up a medical alert system in a senior's residence is one way that an adult child's caretaking responsibilities and financial obligations can be made easier. This device can enable seniors to immediately send a medical alert to family or doctors if they need assistance, which may allow caregivers to relax.
When children get old enough, parents should also talk money with them. Share some information about the family's finances, so that the whole family is knowledgeable about the situation. It is possible to save for retirement and college at the same time, given enough creativity.