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Are you caught in the middle of caring for both aging parents and a young family, or even, adult children and grandchildren? It can be a difficult time full of stress. In today’s episode of Your Life, Your Money, Don shares a few examples of what this can look like and how to navigate it.
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The Show:
Are you caught in the middle of caring for both aging parents and a young family, or even, adult children and grandchildren? It can be a difficult time full of stress. In today’s episode of Your Life, Your Money, Don shares a few examples of what this can look like and how to navigate it.
When you are caring for aging parents, there are a lot of details to sort through and often wearisome emotional situations. Try to get the help you can and don’t carry that burden alone. Make sure to ask for help, be it from family members or professionals. Then, it’s important to take personal time for yourself.
As you experience this with your parents, this might be a good time to consider your own situation in the future. Have you discussed this with your kids? Do you have a proper power of attorney or other legal documents? Do you understand the IRA rules, Social Security, and other rules of retirement?
When you are continuing to care for your children, especially as they grow into adults, you may feel a lot of pressure to ensure that they succeed. Amidst saving for their college or caring for your grandchildren, it can be a lot of work. Try to focus on, “What kind of person do I want this child to be?” Things like being honest, hard-working, loving, and self-less will ultimately be more important than where they went to college.
In the Cash Connection segment, Don answers a question from Beth who is considering selling her home in order to move to a retirement community and retire early. Is this a bad idea? Don says to remember to factor in property taxes and monthly fees, because you might not be saving as much as you think! For some, it will make sense to move, but for others it can be costly. That said, the retirement communities offer certain social and safety benefits. As far as retiring early, make sure to consider health insurance costs until you qualify for Medicare.
Listen to the full episode to hear more information or click on the timestamps below to hear specific segments.
0:57 – The “sandwich” generation consists of people taking care of both their aging parents and grown children.
3:12 – Everyone’s situation is different, but it can often feel like one sibling takes on the most responsibility.
5:13 – How do you handle the stresses of being caught in the sandwich generation?
5:53 – Don’t do it all yourself.
6:43 – Assess your own situation for the future.
7:13 – On the other side, parents may feel a lot of pressure to help their children succeed.
9:29 – Cash Connection: Is it a good idea to sell your home and move into a retirement community?
14:09 – How are Don’s New Year’s resolutions going?
Articles Referenced During This Episode:
Tips for Managing Sandwich Generation Stress
Coping with Stress When You’re in the Sandwich Generation
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Additional Resources:
Phone: (732) 784-2867
Email: don@DonaldCash.com
Website: http://www.donaldcash.com/
About Don:
Donald W. Cash – CPA, CFP® is an independent advisor. Don began his career in 1985 as an accountant after graduating Rutgers University. In 1990 he entered the field of Estate Planning with a concentration in long term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs. He advoctaes a holistic approach to Estate and Financial Planning as has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers. Don is married to Cathy and have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.
