Caring for your aging parents is something you hope you can handle when the time comes, but it’s the last thing you want to think about. At a time when your career is reaching a peak and you are looking ahead to your own retirement, you may find yourself in the position of having to help your children with college expenses, while at the same time looking after the needs of your aging parents. Squeezed in the middle, you’ve joined the ranks of the “sandwich generation.” While this can be a difficult situation, if you take some time now to determine your goals and work on a flexible plan, you’ll save much stress, and expense, in the years to come.
Here are some things you can do to plan ahead for this time in your life: start saving for the soaring cost of college as soon as possible; encourage realistic expectations among your children regarding the type of university you can afford; work hard to control your debt; review your financial goals regularly, and make any changes necessary to stay on target; invest in your own future by putting as much as you can into a retirement plan, where your savings will grow tax deferred until you retire; talk to your parents about the provisions they’ve made for the future, such as whether or not they have long-term care insurance or adequate retirement income.
There are many issues to consider when faced with the prospect of dealing with college, retirement, and concerns about elderly parents all at the same time. Let the professionals in the office of Deborah J Kent help you plan for the future, today.