Get Advice On
Supporting Your Parents
And Kids While
Protecting Your Finances
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?
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.
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
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
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.
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."