How Do You Balance Care Of Children And Aging Parents?
Many families delay childbirth until their late 30’s or 40’s, while their elderly parents live well into their 80’s and 90’s. This cultural shift increases the chances that you must care for two sets of people at different ends of the life continuum. If you are a member of the “sandwich generation,” you must balance the care giving you provide to your parents and children or risk burnout. Communicate with your parents about their insurance status. The time to find out that your mother has no long-term care insurance isn’t when she’s looking for rehab facilities for her broken hip. Save for college early and often. You must make the most of the benefits of compounding interest and that means contributing to a tax-deferred college savings plan in the child’s first few years of life. Remember to pay yourself. There aren’t any scholarships for retirement. Take advantage of your employer’s matching contributions if available. Explain your changing role in your parents’ lives to your childre
