Financial advisors say that in addition to the emotional drain, “sandwichers” may also face a financial burden if they haven’t taken an interest in the steps parents have put in place to ensure they receive proper care.
“It’s important to talk about financial things, but allow your parents some space,” said Rita Cheng, a certified financial planner and chief executive of Blue Ocean Global Wealth.
“You don’t need to be completely involved in their business, because they still want to be independent and in charge,” she said. “But ultimately, if they want to be in charge of how they are cared for, they need to be proactive and plan for it.”
- Being stuck in sandwich generation is no baloney, CNBC.com, March 31, 2017.
2. Merriam-Webster defines the term sandwich generation as a “generation of people who are caring for their aging parents while supporting their own children.”
Estimates vary concerning how many Americans belong to this sandwich generation, but a recent poll from the Associated Press-NORC Center for Public Affairs Research puts the number at nearly 1 in 10 Americans age 40 and older, with another roughly 8 percent who may become “sandwiched” caregivers in the next five years.
Not all sandwiches are alike, however. Some sandwich generation caregivers have aging parents living with them, while others care remotely for aging parents who still live on their own or in assisted living facilities, sometimes in another state.
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