Planning for the Sandwich Generation: Do You Have a Plan?
Planning for the Sandwich Generation is key. The definition of planning is the process of thinking about the activities required to achieve a desired goal. It is believed that in order to be successful, you need a good plan.
Planning for the Sandwich Generation includes many areas in our lives. What are some of the things we plan? We plan weddings, vacations, meals, careers, retirement; just to name a few. Some people are detailed planners and others, not so much. But does anyone actually plan for the sandwiched generation? One of the biggest financial challenges facing the country today is the increasing prevalence of sandwich generation households — those that contain both children and their aging parents. More than 25% of American households consist of this sandwich generation. With more than 12 million senior citizens living in the United States, it’s more important than ever that there is planning for the Sandwich Generation. Families must create a plan for how they’ll care for both their kids and their parents at the same time. Here are some tips on how to plan for your own Sandwich Generation household, no matter what stage you’re in right now.
When planning, have a conversation with your parents while they are still mentally and physically healthy about:
- their finances
- life insurance
- any senior living plans
- what to do with the family home
- if they have a will in place
- their final wishes
- decluttering
While having these conversations aren’t easy, start early and have them over time. We never know when life will happen, so the sooner the better!
Get all Family Members Involved
Planning for the Sandwich Generation includes many things. One thing it includes is writing down a list of all your family members with their corresponding responsibilities and tasks. This may take several tries. But don’t get discouraged if it doesn’t turn out perfect the first time. You must coordinate childcare. If possible have someone who lives close by watch any children or grandchildren. This is helpful while you take care of older relatives. If a family member cannot offer child care, there are plenty of other options. One option is daycare centers or local activities. At local activities, you might have connections with other families and you could work together.
Don’t Neglect Yourself
Planning for the Sandwich Generation includes taking care of yourself as well. You will likely need to help an elderly loved one with daily tasks such as shopping and cooking, driving to medical appointments, or balancing a checkbook. However, if you’re so involved with helping your parent manage day-to-day responsibilities that you neglect your own health, finances and social life, it’s time to step back and ask for outside help. You will find helpful information about planning and goal-setting at https://www. briantracy.com Planning is key for the Sandwich Generation