Sandwich generation faces triple whammy

Wed., Aug. 22, 2007

David Uffington King Features Syndicate

Many adults find themselves at a point in life where they, as well as their finances, are pulled in conflicting directions. They’re the Sandwich Generation, caught between paying for college for their children, planning for their own retirement and needing to care for aging parents.

Or perhaps instead of paying for college, they have a grown “boomerang” child who needs to move back home — at the same time the elderly parents can’t live alone anymore.

The triple whammy of caring for three generations simultaneously can exact a toll from even the most carefully laid financial retirement plans.

If You’re Facing This Situation:

The rule of thumb is that, if torn between paying for the education of a child and financing your own retirement, your own retirement wins. Look to scholarships and part-time jobs for your child, as well as loans your son or daughter can pay off after college.

“If it becomes necessary for an elderly parent (or both of them) to move in with you, your financial situation could take an additional hit if you or your spouse is forced to quit work and stay home. Unless your parent has significant income, you’ll likely be hit with the cost of their daily expenses, which could include in-home care if both you and your spouse continue to work.

“The first step, hopefully long before the need arises, is to talk about it and make plans. Make sure you know in detail what plans your parents have made for their future. Learn the location of all important documents, what their financial situation is, and what kind of insurance they have.

“Learn your options by contacting all the local support agencies you can find. Bring in other family members to ask for help — it’s perfectly acceptable to expect siblings to pitch in financially and in practical ways, such as caregiving. Contact the Eldercare Locator for resources 800-677-1116.

“If it’s absolutely impossible for you to bring your parent into your home, it’s acceptable to say so. There are other alternatives, such as special facilities for Alzheimer’s patients, nursing homes and assisted living communities.

“A Web site called 360 Degrees of Financial Literacy ( www.360financialliteracy.org) has a number of helpful articles that address this triple financial whammy.

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