Titles that group people together are not uncommon. We frequently hear about millennials talked about as a group for example. However, there is another group that may not be mentioned as often in mass media, but it still has a lot of important things to consider going on in their lives. They are what is called the “sandwich generation.”
HCR Wealth Advisors is an registered investment advisory firm that develops strategies to help clients reach their financial goals going forward. The firm spends an increasing amount of their time these days working with those in the so-called sandwich generation. They want to help those people establish a plan for their financial health and well-being that can keep them on course to reach all of their goals.
Start with Your Own Retirement
The professionals at HCR Wealth Advisors recommend that you focus on your own retirement before you worry about helping out those in your family. While it is indeed a very sweet and noble goal to help others with financial assistance, it is not a good long-term idea to help others until you have helped yourself. You have to lay down the framework for how you will retire before you can go around helping others.
Look to Send Your Children to an Affordable College
College is a great thing for people to attend. At the same time, it has become wildly expensive. If you have not been planning for years and years in advance, you are probably not going to be prepared for the total costs of sending your child to college. That is why you need to think about which schools are affordable and realistic given your budget.
Look at Healthcare Costs
Another area that is rising in costs each and every year is the overall cost of healthcare. You have to ask your parents about their real health situation. The conversation is probably not going to be an easy one, but it is one that you need to have. It is the only way you can get an accurate picture of how much you will have to pay out towards helping them get better.
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