Health & Fitness
Sandwiched Between Financial Burdens
You may be familiar with Generation X or Y, but have you heard of the Sandwich Generation?
15%: Middle-aged Americans providing financial support to both an aging parent and a child
You may be familiar with Generation X or Y, but have you heard of the Sandwich Generation? This group is sandwiched between two generations: a parent age 65+ and a child (either below the age of 18 or a grown child receiving financial support). As might be expected, nearly 4 in 10 say both their grown children and their parents rely on them for emotional support. However, according to a recent Pew Research study, about 15% of them are also providing financial support to both an aging parent and a child. Of those providing support, only 28% say they themselves live comfortably. The financial burden has been mounting in recent years, with increased pressure coming primarily from grown children rather than aging parents. This may be because the slow economic recovery has taken a toll on the wages and employment of young adults.
Plan ahead for both you and your children. Work towards a comfortable retirement by contributing realistic amounts to a 401(k) savings plan. Make sure your children have a strong foundation by establishing a 529 college savings plan.
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Source: Pew Research Center, "The Sandwich Generation," 1/30/2013
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Prepared by BlackRock
Delivered courtesy Joel W. Grams, CRPC®, CLTC,
Registered Representative, Financial Planner, 212 Capital Group
38 Main Street Suite 360, Westlake Ohio 44145
(440) 835-4501 Ext 17, jgrams@212capitalgroup.com
The foregoing discussion is general in nature and not intended as specific advice.
New England Financial nor its representatives are engaged in rendering tax,
accounting or legal advice. A qualified professional should be consulted regarding the effect of such considerations on the matters covered in this publication.
For information on New England Financial insurance or other financial products and services, please contact Joel W. Grams, CRPC®, CLTC, Registered Representative, Financial Planner with /New England Financial 38 Main Street Suite 360, Westlake, OH 44145, at (440) 835-4501 ext. 17, jgrams@212capitalgroup.com
New England Financial is the registered mark for New England Life Insurance Company (NELICO) Boston, MA 02116. Securities and investment advisory services offered through New England Securities, Corp. (NES)(member FINRA/SIPC) a Registered Investment Advisor. NELICO and NES are MetLife companies. L0213304581[exp0314][OH]