There is perhaps no better group of people to receive financial advice than those who are stuck as part of the “sandwich generation.” These are people who are in their late-thirties to early-fifties that are struggling to figure out how to financially help both their aging parents as well as their adult children. It is not a position that most people ever want to find themselves in, but that is how a 1 in 7 people in the age group mentioned above are living today.
Think About Retirement First
Your own retirement is the first thing to focus on. In other words, you ought to consider your own retirement before trying to help others. It is something that does not come naturally to everyone, because helping family members is something we want to do. However, relying on others for financial support is not a sustainable way to live.
HCR Wealth Advisors underscores that it is best to focus on your own finances first and helping out your loved ones with the money that is left afterwards. That is the only way that you can make up ground on your own financial terms.
Consider Your Parents’ Health Circumstances
There is no time like the present when it comes to talking to your parents about their health circumstances. It is not an easy conversation to have of course, but it is still a conversation you need to have nonetheless. You need to figure this out in order to try to calculate what your total expected costs might be when it comes to paying for their healthcare costs.
Get a College Fund Set Up Immediately
There is nothing better for your child’s finances than to get a college fund set up for them as soon as possible. You want to have your money growing in it as much as possible in order to give the most funds possible to your child when they are ready to attend college. It is the only way that some students will ever have the opportunity to become students in the first place. Make it a priority.
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