We have heard of Generation X, the Millennials, and Generation Z. But does anyone know about the Sandwich Generation? This isn’t an age group that is known for its love of baloney or peanut butter sandwiches. Instead, this group is categorized by people who fall between the ages of 30 and 50 years old who have to take care of their aging parents while helping their children go through college. In other words, their income is being “sandwiched” between their family members.
HCR Wealth Management realizes that this group has the extra burden of caring for many people within their family circle. HCR Wealth is registered investment advisory firm that works to educate clients on investment strategy and helps create personalized strategies to help clients reach their financial goals.
One thing that sandwich generation members should do is to safeguard their nest eggs for their golden years. They can accomplish this by taking advantage of their employer’s retirement plan or they can start their own independent retirement plan.
Retirement savings is a must for any person who is a part of the sandwich generation. When a middle age person has to support their children and their parents they can tend to forget about their own needs. This means they might not have the money they need for retirement or to live comfortably.
People that have to take care of their parents should thoroughly evaluate all of their parents’ economic sources. They should make this type of evaluation to ensure that their parents are receiving as much financial support as possible. Having this extra support will help to ease the burden off of their own finances. Remember, if parents have their own income it would be better for them to use it than to rely on their adult children for support.
Sandwich generation members can use HCR Wealth Advisors to reach their financial goals. The advice HCR Wealth provides will be personalized for their client’s personal situation. Sandwich generation members does not have to lose money while caring for the people they love the most. HCR Wealth Management can help them to increase their wealth while sustaining their finances.
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