6 Money Strategies for the Sandwich Generation
When her father was diagnosed with a respiratory disease about seven years ago, Joy Frank-Collins juggled her work schedule and parenting demands to maximize the time she spent by his side. Frank-Collins, a 41-year-old who heads her own communications firm in Marietta, Ohio, also coordinated with her siblings to pay for expenses that weren't covered by insurance. "If you know your parents will need your help, you have to think, 'What can I set aside to provide the necessary support for my parents?'" she says. After a long fight with his illness, her father died at age 75 in January.
As a member of the sandwich generation -- adults who simultaneous care for children and aging parents -- Frank-Collins had to navigate what is becoming an increasingly familiar challenge. "Individuals who find themselves in the sandwich generation are forced with contemplating taking care of things today in a way that may negatively impact their future," says Rebekah Barsch, vice president of financial planning for Northwestern Mutual. Family members might cut back on their work hours or sacrifice savings in order to care for aging parents, she adds. "The pressure, both financial and emotional, weighs on people," she says.
