The sandwich generation is defined as those who are 40 to 60 years old and caring for elderly parents and children at the same time. Marketplace Money host Tess Vigeland recently sat down with Ron Lieber of The New York Times to discuss the difficulties that this demographic is facing.
Vigeland stated that around one out of every eight Americans are currently part of the sandwich generation and these baby boomers are not only stressed from their responsibilities at home, they are also worried about financially planning for retirement.
Lieber says that the first step that members of the sandwich generation should take when trying to support the family should be to examine the assets of elderly parents. These can sometimes be very helpful to a household's finances.
He also stressed the importance of longterm care insurance, which can help adults afford nursing aides in their later years. Baby boomers should talk about this possibility with parents and also think about it for themselves.
Those who are part of the sandwich generation may also want to install a personal emergency response system in their residence. This device can allow users to immediately send a medical alert to caregivers or doctors if they are in need of assistance.