4 Financial Tips for the Sandwich Generation

While baby boomers, Generation X and Generation Y tend to get the most media attention, one of the largest generational categories in the United States is the sandwich generation, which is primarily composed of people in their 40s or 50s who are supporting their children and their aging parents. Due in large part to children living at home longer or returning home after college, combined with longer life expectancies for senior citizens, the sandwich generation represented approximately 47% of people between 40 and 60 years of age, as of 2013.

1-Get a Clear Financial Picture

Conversations about money can be uncomfortable but you need to handle everyday needs as well as retirement and unexpected emergencies. Talking about finances as soon as possible will you to set up a monthly budget that everyone can benefit from.

2-Learn the Details of Insurance Coverage

Learn about the coverage your parents have, a lot of people overestimate the coverage provided by Medicare, Medigap and Medicaid.

3-Get a Head Start on College Planning

Family financial demands may limit college options. Research student loans, grants and scholarships for children preparing for college. 

4-Have Returning Children Contribute to the Household

Require children returning home to contribute to household expenses and care of the elders.

For more information on aging parents, visit the National Council on Aging. A nonprofit organization founded in 1951.

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