In today’s society, there is a generation of people that is struggling managing their finances while trying to help out their family members. It’s being coined as the “Sandwich Generation.” With people living longer than expected, adult children sometimes find themselves in a position to have to support their parents financially.
The sandwich generation is not only having to provide for their aging parents but also their college-aged kids. According to a recent study conducted by the Pew Research Center, it is estimated that one in seven middle-aged adults are stuck as part of the sandwich generation.
It’s very typical of advisors such as HCR Wealth Advisors to have clients who have major concerns about being able to live on their retirement savings. The team of independent advisors at this registered investment advisory firm work to develop personalized financial plans to help their clients reach their financial goals. HCR Wealth works to educate clients and protect them against risk.
Being stuck in the sandwich generation is a preventable and the method of preparing a financial plan is plausible. If planned appropriately, you can avoid making financial mistakes, such as making an early withdrawal from a retirement plan to offset expenses. As a registered investment advisory firm, HCR Wealth Advisors counsels clients on how to best make use of their investment money.
Planning by adult children who take care of aging parents should be equally meticulous. Adult children should know the discretionary expenses compared to their parent’s retirement income. Since longevity is continuing to be expanded and people living well into their 90s, adult children should have an expectation that at least one of their parents will outlive their retirement.
Connect with President of HCR Wealth Advisors on LinkedIn: https://www.linkedin.com/in/greg-heller-37342a9
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