The term “sandwich generation” refers to the adults who find themselves in a position to financially assist their aging parents and their college-aged kids at the same time. The sandwich generation is a group worth taking a closer look at. As it stands, 1 in 7 adults who are between their late 30s and early 50s find themselves in this position.
Early financial planning can help people navigate these responsibilities. HCR Wealth Advisors is a registered investment advisory firm. The firm consists of independent advisors who are always on the lookout for the client’s best interests.
Let’s face it, as adults, we are often beset with our own financial obligations. So, taking on the financial responsibilities of someone else, even if they are family, can become quite burdensome.
As a parent, you should be financially prepared to shoulder the cost of not only sending your child to college but also the costs associated with them potentially moving back home afterwards. According to a cnbc.com article, roughly 36 percent of college students plan to live at home for at least one year after they’ve graduated. Additionally, it is important to save as much money as possible prior to retiring. This reduces the likelihood of your own children having to support you after retirement.
As an adult child of an aging parent, you can help secure your parent’s financial future by assessing their finances. Analyzing their essential and discretionary expenses, as well as creating a budget, can ensure they don’t outlive their retirement savings, which could, in turn, mean that you may have to support them.
Whatever age you are, it is a good idea to start planning for your future as soon as possible. HCR Wealth Advisors is a great place to start; they have a wealth of investment options for individuals. Obviously, no one is impervious to life’s transitions, but planning today for your tomorrow ensures that those transitions are as seamless as possible.
Learn more about HCR Wealth Advisors here: https://whalewisdom.com/filer/hcr-wealth-advisors
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