You might very well be part of what is now being called the ‘sandwich generation.’ You’re taking care of yourself. You are responsible for your kids. And, you are also helping your parents. You are far from being alone in this boat.
In fact, financial planner Bill Dendy is part of this group, and says he knows a lot of people doing it, too.
“Among Americans between 40 and 50 years of age 47% have a parent over 65 and a child that they are fully supporting,” Dendy said.
And about 40% according to new research have no emergency savings because of it. Dendy says we all want to help, but we need to know when to say when so to speak.
“For some people there’s a point that they are threatening their own ability to care for themselves. It’s important to know how much you can do, and what is beyond your capabilities,” he explained.
The new study also showed that one-third of us have less than 25-thousand dollars put away for retirement because of all of our financial obligations.