Back in September, we talked about how to calculate how much life insurance you need. I’m sure all of you stay-at-home parents took the article to your spouses and said, “Honey, you need more life insurance!” or maybe even just, “Honey, you need life insurance!” (After all, less than ⅔ of Americans even have life insurance in place.)
But what about you? Do you have life insurance? Do you even need it?
Two weeks ago I introduced you to your new generation. No longer are we Millennials, Gen Xers or Baby Boomers. We are now united in our responsibilities towards both our parents and kids at the same time. We are the Sandwich Generation. And being a part of this generation can be pretty rough.
It can be financially, emotionally, and physically draining to have your kids and parents both depending on you. Luckily, there are some things that you can do to ease the burden. Last week, we saw how understanding your options, setting clear expectations and boundaries, and making a plan can look when it comes to college-bound kids. Now let’s see how those same principles apply to your parents:
Last week, we discussed what it means to be a member of the Sandwich Generation, those adults who are responsible for bringing up their own children and for the care of their aging parents. We discussed how hard it can be to navigate caring for two very different generations without risking your relationships, finances, or sanity.
Today, we are going to talk about the younger generation, the bottom bread in the sandwich. While strollers and soccer clubs can be pretty spendy, for most parents their greatest financial burden comes when it’s time for their kids to go to college. This is where many parents really mess up their finances and put their own futures at risk.
November is National Caregiver Appreciation Month, so we are going to be discussing the Sandwich Generation and how you can prepare for it financially, mentally, and emotionally.
December 20, 2017 Update: A final version of the tax reform bill has been passed by Congress. Find out how it will affect you here.
