The Wealth Building Way has launched a new guide aimed at people who must pay for child and elderly care while also trying to save for retirement. The guide explains caregivers must prioritize their long-term financial security.
Are you part of the sandwich generation? By that, I mean are you financially responsible for your children and your parents at the same time? If you have answered ‘yes,’ do you know how to prioritize your savings and retirement fund for your long-term financial security? Everything you need to know is contained within this guide!
A new guide has been launched aimed at you if you are a parent and must care for your children as well as your ageing parents. The retirement protection report from the Wealth Building Way team explains the difficulty you may have faced when trying to balance the care and finances required in both situations while also planning for your retirement.
You can read the guide in full at https://wealthbuildingway.com/how-the-sandwich-generation-can-protect-their-retirement
The newly launched guide focuses on you and other members of the sandwich generation, which as you may be aware, is the term that has been coined to describe you if you are required to care for your parents and children at the same time. The report explains that handling the finances of two different generations can feel impossible at times.
Therefore, you must prioritize your own financial needs say the team. They add that protecting your retirement fund during a difficult time means you will be able to retain your independence and financial security as you age. In addition, you will likely be in a better position to help your children through adulthood and offer continued support to your parents.
Your retirement savings should be your priority if you are a member of the sandwich generation says the guide. It expands on this point by noting that while you may be tempted to focus on your children’s college fund, the problem with this thinking is that there are loans available for college, but there is no such thing as a retirement loan.
In addition, forgoing your retirement savings during your 40’s and 50’s means you will miss out on the long-term growth and benefits of compound interest. Utilizing all options available to you including using assets to pay for elderly care is one way to protect your retirement fund while also making the most of Medicaid.
Other aspects covered within the guide include communication, which can alleviate the pressure and financial burden you may be feeling, getting the right type of insurance such as disability and life insurance are key, as well as learning about social security and Medicare.
A spokesperson said: “Caring for your children and parents at the same time is exhausting. Do not compound the problem by thinking you have to make financial decisions all by yourself. Consider interviewing and hiring a financial advisor to help you make sense of the tough choices you are facing.”
You can read the guide in full by visiting the link provided!