While the media has promoted the idea that Millennials are self-involved, the truth is that they may be the sandwich generation who must provide care for their aging parents and grandparents. Today, there are roughly 10 million Millennials who are the care companion or provide some type of substantial support for their elderly parents, grandparents, or relatives.
Topics: Sandwich Generation
Are you one of the many members of the never-aging Baby Boomers Generation or the sandwich generation caring for elderly parents who don't live nearby? Or perhaps they are close, but work keeps you too busy to get over to check on them daily? Do you that having an aging parent live with you in your home can be much cheaper than moving mom or dad into an independent or assisted-living facility? But having another person in your home won't be cost-free. " You should be prepared for miscellaneous expenses, especially if you have a parent thаt doesn’t have a реnѕіоn аnd will bе depending on you for support," says Glenda Standeven, an inspirational speaker who has shared her home with her mother for the past 17 years.
Thus according to research by Senior living referral service A Place for Mom and other sources have found that the cost of ѕеnіоr care аnd housing has steadily increased in the U.S. throughout the last several years. What's more, the cost of senior care vаrіеѕ drаmаtісаllу dереndіng on where you live.
Retirement is a big issue today because far too many people are ill-prepared. In American, Baby boomers and seniors said that their biggest financial challenge was planning for retirement while the young millennial are less concerned though they have higher debts and fewer assets, they are more advantage of having a retirement account, purchase their own home and stocks than people a few decades ago, according to the Fed study.
Regarding Social Security retirement benefit, it is only intended to supply 40% of a person's salary. If they would like to continue living at the same level, they will need to have additional cash. Unfortunately, 62% of Americans have saved up just $1,000. According to the Economic Policy Institute (EPI) "Nearly half of families have no retirement account savings at all," and also the median value of a 401(k) account for someone 65+ is about $60,000. That's however not much to live on spread out over 20 years. Thus, this is important because of the other two (2) "legs" of the retirement "stool” Social Security and pensions are increasingly under pressure. Hence as of January 2017, the average retiree receives $1,360 per month from Social Security. That's $16,000 a year. The median private pension was only $9,376 per year; according to the Pension Rights Center (state, local, and federal pensions were higher). Only a few people are able to collect both social security and private pensions. That's not going to do much to move the needle. You need 10 times that amount of savings to make a significant impact, but the vast majority aren't anywhere near that.
The term “Sandwich Generation” is used to describe a growing group of реорlе who are саrеgіvеrѕ fоr thеіr young children and aging parents. Usually, this applies to people in their late 30s, 40s, and 50s. Any members of this group also have full-time employment, but they may find it necessary to reduce their work hours or leave their jobs altogether to tend to their parents' needs. This can add to the stress by creating financial difficulties.
Approximately 15% of the people in this category provide financial support to both a parent and a child. This can quickly drain their resources, especially when employment hours have been reduced. Sharing time between children and aging loved ones may also leave this generation with little or no time for themselves. Members of the sandwich generation may be more likely to become isolated, overwhelmed, anxious, depressed, than caregivers who do not have children at home. Since they are providing care for both generation, they have even less time to seek out relationships and other social connections.
If you have a family or people that depend on you, then you need some level of coverage. The first thing is to determine if at all you need insurance and if you do, what type is best for you and how much protection you need. In addition to investing and saving money in the quest for ensuring our future, obtaining the right insurance can help avert unexpected events from disrupting retirement plans. It guarantees a secure retirement. Very quickly, it is crucial to highlight the vital insurance coverage one should put in place in response to retirement- disability insurance, homeowners insurance, long-term care insurance, life insurance and medical insurance. There are others but priority should be given to these.
Many people who get around to exploring long-term care planning and long-term care insurance find themselves in the unenviable group known as "The Sandwich Generation". That is: The group that finds themselves trying to keep their lives running while paying for all the needs in their lives - mortgage, car payments, all the expenses for raising children, vacations, all the different types of insurance that any prudent couple or person needs to protect all these things - and then out of left field caring for 1 or 2 aging parents!
Topics: Sandwich Generation
Employees are faced with caring for their family, which includes their children, and burdened with supporting their parents while still having to work may interrupt the delicate balance of employment and family life. The cost in terms of the financial expense and the time spent away at work supporting both generations may take a powerful toll resulting in more health issues and employee absenteeism which affects both the employee and the employer.
The Sandwich Generation refers to those who are middle-aged that are supporting both their children and their parents. While those who have reached middle age often face the burden of having to support both the younger and older generations, they are usually separated in terms of when they need support.
Topics: Sandwich Generation