How many people have parents or grandparents that are over 90 years old? Add to that their own children, who might be going to college or just graduating, and welcome to the 21 century family and the sandwich generation.
Stuck between a rock and a hard place, this generation is trying to figure out what to prioritize: their own retirement, their children’s education or their aging parents’ care? And it’s a doozy.
While there is no “one-answer-fits-all,” advisors have to strive to get the conversation for college funding, care planning and retirement planning rolling with their clients, and they have to do this now. This issue is even more pressing because as time passes, the chances of a major crisis, such as debilitating health conditions or other financial problems, might arise, according to an article we published earlier this week. (You can read it here.)
Using the article as the basis for our infographic, here are some statistics, points of discussion and possible solutions that you can offer your clients.