Aligned Advice: Financial Advisors for the Sandwich Generation

If you find yourself in the challenging position of caring for your aging parents and your own children, you understand the financial strain that comes with it. Being in the "Sandwich Generation" means you’re squeezed between two big responsibilities, which can put your financial stability at risk. 

But here’s the good news: You don’t have to do it alone. With the help of a financial advisor, you can create a plan that protects your wealth while ensuring your loved ones are well taken care of.

Juggling Financial Responsibilities

Being in the Sandwich Generation means you’re stuck managing finances for three different generations–yourself, your children, and your parents. According to a 2018 study, 49% of people are handling the finances for their parents or in-laws, and 31% are financially responsible for their parents/in-laws.

In addition to this, the cost of raising a child, which is between $16,000 to $18,000 per year, can cause the financial strain to become too great. 

It can be overwhelming to juggle all these financial responsibilities, and it may seem like you always need help to make ends meet. A financial advisor can help you balance these responsibilities so you don’t have to sacrifice your financial future while caring for your loved ones.

Boosting Your Retirement Savings While Helping Others

It’s easy for your retirement savings to fall by the wayside when you’re busy supporting your kids and parents. In fact, only 25% of Sandwich Generation parents stick to their retirement plan. But neglecting your retirement savings now could mean big trouble down the road.

A financial advisor can help you carefully review your current retirement savings and determine what steps must be taken to get you back on track. Whether bumping up your 401(k) contributions or adjusting your investment strategy, they’ll ensure you’re not leaving your future to chance.

Planning for Longer Lives and Higher Costs

Planning for those extra years is crucial, as people are living longer than ever. However, longer lifespans come with more extensive healthcare costs, which can add up quickly.

A financial advisor can help you explore options like getting long-term care insurance or opening a health savings account to cover these costs. They can also help you set up trusts or other financial tools to protect your parents’ assets, ensuring they’re cared for without jeopardizing your financial security.

Balancing Your Emotional and Financial Health

Being part of the Sandwich Generation is not just a financial burden; it can also take a toll emotionally. Twenty-seven percent of families in the Sandwich Generation report that caring for parents adds serious emotional and financial stress to their lives. While a financial advisor can’t remove the emotional strain, they can help ease the financial stress by creating a plan that gives you some breathing room. Knowing that your finances are in order can make it a little easier to focus on what really matters—your family.

Setting Up Future Generations for Success

One of the most rewarding things about financial planning is knowing you’re setting up the next generation for success. A financial advisor can help you create a plan that meets your current needs and ensures your kids are financially secure, whether that be by setting up college savings plans or establishing trusts. They can also guide you through the complexities of estate planning, ensuring your parents’ assets are managed wisely and that your children’s futures are secure.

The Aligned Perspective: Financial Advisors for the Sandwich Generation

Balancing the responsibilities of the Sandwich Generation can be challenging, but you don't have to handle it alone. With the right help, you can safeguard your wealth and ensure the well-being of your family—both now and in the future. 

A financial advisor can guide you through challenges and help you build a plan that works for everyone involved. By acting now, you can ensure that your parents and children are cared for without jeopardizing your financial future. It’s all about finding the right balance, and you can do it with the right tools and advice.

Simple, strategic, and designed to give you clarity as you grow.