Sandwich generation: The ultimate juggling act

Are you supporting financially dependent children while simultaneously taking care of an older family member? If so, welcome to the sandwich generation – a group of adults ‘sandwiched’ between the dual challenges of caring for younger and older relatives.

Plan for your financial future too

For the many people in this situation, it can be difficult to put in place the right plans for their own financial future, while taking care of others. Increased life expectancy, coupled with starting families later in life, means that more of us than ever are facing growing demands on our time and energy, which could be leading to implications for our finances too.

Provide and protect

In your middle years, the chances are that looking after your growing family means that the important things like everyday living costs, family holidays and possibly school fees, will all be taking a sizeable amount out of your disposable income. At this stage, you may also find yourself needing to take more financial care of your ageing parents too. 

With family members young and old depending on your support, it’s vital to have in place the right sort of protection policies so that if one of life’s unexpected events were to occur, there would be a pay out from a policy to help ease the financial burden. 

Engaging with your retirement planning 

Although retirement could be a while away yet, at this point in your life, these are likely to be your peak earning years, so it’s important to make sure you are on top of your financial situation. 

Even if it seems like years away right now, you’ll need to have a retirement plan in place; it will come around quicker than you think, so prioritise your pension. It’s important to know how much it’s likely to be worth, so that you can make plans to save more if you need to. 

Regular reviews

This is also the time to focus on your savings and investments. The significant outgoings associated with twin caring duties can have a direct impact on their ability to save for your own future.

Ensuring you review your portfolio regularly will mean your investment strategy remains in line with your goals and takes account of your attitude to risk, which may change over the years. 

There’s plenty to think about, taking financial advice at this stage of your life can make the difference between just about managing in your later years or enjoying the retirement you deserve.

How we can help

At Lighthouse we can continually review your finances as you confront new challenges such as this stage of your life. We aim to develop and adapt your financial strategies to cope with changes in life circumstances and keep your financial goals on track, even if you are time-poor. Get in touch to see how we can help.

The value of your investments can go down as well as up, so you could get back less than you invested.

A pension is a long term investment.

Some protection products may include an investment element. The value of your investments can go down as well as up, so you could get back less than you invested.