Rigors of Sandwich Generation Require Careful Planning, Time Management

CHICAGO, Sept. 30 /PRNewswire/ -- Raising children or tending to aging parents can be challenging for today's caregivers, particularly for those who also work full time jobs. Now a growing number of Americans are facing a new challenge: providing care for their parents while simultaneously raising their children and securing their own future, including saving for retirement. This caught-in-the-middle group is known as 'The Sandwich Generation.'

Today, approximately one of every eight Americans between the ages of 40 and 60 can be considered a part of the Sandwich Generation. Experts expect those figures to grow as baby boomers continue to age and look to their children for increasing assistance. The U.S. Census Bureau predicts that by 2030, about one in five U.S. citizens will be elderly. The demands facing members of the Sandwich Generation often cause increased levels of stress and financial challenges. Many of these caregivers have delayed their own retirement savings to pay for the demands of raising children and helping their parents. Even worse, they often can't afford to take time away from work to manage all of their responsibilities.

If you find yourself a member of the Sandwich Generation, it's very likely that you need help. Fortunately, there is plenty of help available -- including books, Web sites, local programs, national organizations and financial institutions. The first step is to formulate a plan that will help you balance competing priorities.

Caring For Parents

The key to caring for aging parents is to plan ahead. In order to plan effectively, you must communicate. Talk to parents about their finances and their plans for the future. Discuss power of attorney, a legal authorization that gives a relative or caregiver the authorization to make financial and medical decisions, so someone has the ability to act quickly should an emergency arise in the future. The biggest expense for the elderly is long-term care, and long-term care insurance is a great option for those on the younger side of the Baby Boom.

Some retirees may be independently wealthy and able to self-finance their golden years. In these situations, Harris Private Bank's enCircle program is an outstanding option. enCircle is designed to ease the day-to-day management of finances, helping mature individuals with services such as personalized bill payment, tax return coordination, investment management and care management referral services. Visit http://www.theharris.com/enCircle/ for more information.

Securing Children's Future

Of all the expenses involved in child-rearing, college education is one of the largest.