The Sandwich Generation | Three Steps for Survival
Through the ebbs and flows of life, we will all have varying experiences that differ based on family dynamics, as well as life and career choices.
I can remember hearing the phrase, “Oh, just keep living”. There are many things I personally had not experienced in life, and true to form, as one continues to live, life happens!
At this particular stage in life, I find myself on a quest to support others with transforming their lives for the better, as well as my own life.
Some of my followers may be familiar with the concept of the ‘sandwich generation’ while others may not. It’s that somewhat tense stage of life where family dynamics are changing. Children are likely still at home or beginning to leave home by now and parents are aging.
Studies indicate that people are living longer; hence the role of care-giving is increasing. One may find themselves, still nurturing and guiding their children, while straddling the care of aging parents or in my case grandparents. You could very well likely be managing more than one household which can take a toll on you emotionally, financially, mentally, physically, and even spiritually.
While it gives me joy to serve and care for my granny, the sacrifice is immeasurable. I’m indeed grateful to be positioned in life such that I’m able to as it relates to my family dynamics and my current work as an independent consultant, and financial educator. This girl is indeed striving each day to ‘Live my Legacy’!
However, personally, this concept of the sandwich generation crept up on me. I was somewhat prepared, however not really prepared at all. Meaning there were some things put in place for the care of my grandmother, however, I now realize there is so much more that one can do to prepare for and survive this stage in life. Don’t procrastinate, have the necessary conversations and take action!
Here are three recommendations:
- Proactively structure an effective long term and short term financial plan.
- Review current life insurance policies, ensure they have living benefits.
- Review retirement plans, ensure they are structured to minimize tax liabilities
- Ensure long term savings are set up to last well beyond retirement age.
- Define a support system for care.
- Establish a care plan with family members (doctor appointments, visitations and companionship)
- Determine best housing needs and the care thereof or facility if warranted
- Consider meal planning and incidental expenses
- Map out legal matters such as a power of attorney, deeds, and wills.
- Establish a power of attorney, a DNR (do not resuscitate), and a will, the sooner the better!
- Know where all important documents are. (insurance policies, health insurance information, and bank account information)
- Be sure that deeds are properly recorded if applicable.
Trust me, from the experience of those I’ve had the privilege to support with these matters as a friend, minister, financial educator, and personally, be proactive!
So what about you, what steps have you taken to plan for your long term care or the care of those you love? Or what recommendations do you have for others based on your experience?
Let me know in the comments!
Cheers to your Legacy!
PS. If you need help with securing your financial legacy, retirement, or long term savings plan, connect with me for a no cost or obligation consultation. Want to schedule a financial workshop for your staff or a group you are affiliated with? Learn more here about financial solutions that I offer.