You are if you take care of children at home as well as elderly parents. Managing the life of aging parents can be challenging financially as well as emotionally. According to Pew Research Center report one out of seven middle-aged Americans is providing financial support to both an aging parent and a child.
Who is the sandwich generation? Its members are mostly middle-aged: 71% of this group is ages 40 to 59. An additional 19% are younger than 40 and 10% are age 60 or older. Men and women are equally likely to be members of the sandwich generation. Hispanics are more likely than whites or blacks to be in this situation.
Here are a couple steps to make it easier.
- Remain positive and keep encouraging your parents independence.
- Make sure your decisions that must be made are with your parents, not just for them.
- Get help when needed, especially with parent health issues. Preserve your own health.
- Get all your documents in order with professional assistance. Make realistic plans for health care as well as college expenses for children. Be aware of tax exemptions relating to senior care and also Medical Care Deductions.
- Keep smiling.
Source: Pew Research Center