If you find yourself in the position of caring for two generations of relatives—your parents and your children—you belong to the sandwich generation. You may feel like you're caught in the middle financially, but with the right planning, you can balance their care with saving for retirement.
If you are part of the sandwich generation, your personal financial plan is a key element in helping others. After all, if you're not on firm financial ground yourself, it will be difficult to provide financial support to your loved ones.
Planning Support for Several Generations
In addition to the logistical issues that need to be addressed when providing support to parents and children, there are also financial considerations to address. Enlisting the help of an Orange County's Retirement and Investment Services Financial Advisor can help smooth out some of the emotion involved and give you confidence in having a plan for the future.
We can help you organize the financial elements of multi-generational care by beginning with simple questions, including:
- How much can you set aside for college?
- How much support is necessary? Is the support one-time or ongoing? What are the terms and expectations?
- What assets do they have and what is their financial situation?
- Is there estate planning to be done?
- Is there a plan for their long-term care?
- Do you have a plan to pay off debt and put a budget in place?
- Have you established an emergency fund?
- Are you still saving enough for retirement while providing support to your family members?
- Is financial support available for the older generation (Social Security, Medicaid, veterans' benefits) to ease your burden?
We're here to help you with ideas to balance the financial support you provide with the financial future you envision. The experienced and knowledgeable team at Orange County's Retirement and Investment Services can provide guidance for these important financial decisions. As you plan your path, know that we're with you all the way. To learn more, contact us at (888) 354-6228, ext. 7599 or visit us online.
The financial advisors of Orange County's Retirement & Investment Services are registered with and offer securities and advisory services through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/ SIPC). Insurance products are offered through LPL or its licensed affiliates. Orange County's Credit Union and Orange County's Retirement & Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Orange County's Retirement & Investment Services, and may also be employees of Orange County's Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Orange County's Credit Union or Orange County's Retirement & Investment Services. Securities and insurance offered through LPL or its affiliates are:
|Not Insured by NCUA or Any Other Government Agency||Not Credit Union Guaranteed||Not Credit Union Deposits or Obligations||May Lose Value|