ABOUT THE AUTHOR:
Anne Thompson, Private Client Advisor
Anne is passionate about helping clients build financial plans that are clear, relevant, and actionable. She provides personalized service to individuals and families on their entire financial lives: from mapping out investment decisions to estate planning.
My parents are in their mid-80s and live 600 miles away from Greenville, SC. A few months ago, my parents lost power and let me know that the power was out. They could not get the car out of the garage and their phones were dying. Three days later, I still could not reach them via home phone or cell phone. I ended up calling the local police and asking them to do a wellness check. Everyone was ok, and they ended up getting power back a day later, but the stress of worrying for them weighed on me!
I love that my parents are independent, but I’m often concerned about the many risks that come with aging: falls, managing medications, reduced mobility. In addition to health concerns, there are financial concerns. Do they have enough money to live on? Can they afford a long-term care facility if needed? Then there is the CYBER security…. hacking, scams, remembering logins. The list goes on and on.
I have found myself a member of the “Sandwich Generation”: adults who are balancing taking care of their aging parents while still supporting their own children.
This overlap is becoming more common, as people are waiting longer to have kids, and our parents have longer life spans thanks to great medical advances and our own healthier lifestyles.
Pew Research study found that 23% of US adults are part of the group it calls “multigenerational caregivers”, but their research is only looking at people who are actively providing adult care daily. In addition, there are so many more people that are assisting parents with other ongoing items such as finances, shopping, healthcare, etc.
How do you balance it? There are some steps you can take to distribute the load.
Anne with her mother and daughters
Utilize Available Resources
There are many community, non-profit, and medical resources available for caregivers. If your parent is a veteran or on Medicaid, there are some great government resources. If there is access to a long-term care insurance policy, check with the insurance company for support and guidance.
Have a Financial Plan
Caring for parents and children can cause a financial burden. You might have additional expenses with your parents while trying to save for your children’s college. In addition, you can’t forget about building and protecting your own retirement funds. Talk to a financial advisor to create or update your financial plan. It will help you get a clear picture of the financial resources available to your family, and what your options are.
Communicate
Talk through goals and wishes and be able to prioritize. Also, remember you are not alone; adult siblings or relatives can be brought into the conversations and tapped for assistance. Be open about what is happening with your kids; teenagers and young adult children need to understand the new family dynamic.
Don’t Forget Yourself
Take care of yourself! Caring for multiple family members can be both mentally and physically taxing. Ask for help when you need it and surround yourself with a “team” of loved ones and professionals.
We are fortunate that our parents have lived a fulfilling life and been able to care for us in our youth. Now is the time to give back. But remember to consider what your capabilities are and where they are not. Use help, involve your family and stay healthy, wealthy and wise.
Anne Thompson
Private Client Advisor
Anne is passionate about understanding her clients’ particular needs and helping those clients build financial plans that are clear, relevant, and actionable. In her role as a Private Client Advisor, she provides personalized service to individuals and families on their entire financial lives: from mapping out investment decisions to estate planning. As a CRPC™, Anne specializes in helping her clients take the necessary steps to reach their retirement goals.
Sources & Further Reading
12% of U.S. parents are also caring for an adult | Pew Research Center
54% of Americans in their 40s have both an aging parent and own child | Pew Research Center
Medicaid.gov: The Official U.S. Government Site for Medicaid and CHIP Services | Medicaid
Financial Steps That Can Help the Sandwich Generation Cope | Kiplinger
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