Financial Tips for the Sandwich Generation
December 9, 2016 | Dara Luber
Generation X is aging. Instead of debating what to do with its future, it’s planning for retirement—or at least trying to.
While mourning the reality that Luke Perry (Dylan McKay from “90210″) and Justine Bateman (Mallory Keaton from “Family Ties”) are turning 50 this year, Generation X is busy trying to balance the budget as it often finds itself needing to financially support its parents and perhaps its children as well. This puts these Gen Xers squarely in the middle as the “sandwich generation.”
Pew Research Center defines the sandwich generation as adults “who have a living parent age 65 or older and are either raising a child under age 18 or supporting a grown child.” The reality for this sandwich generation is that they have also become financial supporters. In fact, a recent survey by TD Ameritrade found that one-fifth of Americans fall into this category, meaning that they provide financial assistance to a parent and/or child.
The survey found that 13 percent of Gen Xers are financially supporting, on average, one or more adults. Although those who find themselves in this position say they are happy to make the sacrifices needed to help out, doing so puts a strain on finances, which can cause a ripple effect eventually leading to delayed retirement.
For more financial tips for the sandwich generation, read the full article on TheStreet on how Gen Xers can balance their budgets and save for their future while supporting aging parents and raising a family.