Over 20 million Americans find themselves "sandwiched." They are simultaneously taking care of aging parents while rearing their children. The problem can be exacerbated by "boomerang" kids -- children who have gone off to to college or otherwise been on their own before moving back home.
The "boomerang" trend is partly cyclical. Especially during tough economic times, adult children head for home. In a MonsterTRAK survey of college students and recent grads, 48% said they planned to boomerang home for at least a little while. Indeed, rhe unemployment rate for young adults has reached its highest point in over 25 years. Tough economic times also make it harder for adult children to care for their parents. Dollars are being stretched tighter and tighter.
Here are some simple rules for Boomers to make this "sandwich" a bit more palatable.
1. Don't just "fix it." Help parents and children plan, adjust, prioritize and restructure, but don't simply bail them out.
2. Don't sacrifice your own financial future. Decide how much you want and can afford to help. Remember, if you're not careful, you could end up depending on your children for help in your old age.
3. Be Organized. Having parents and/or adult children in your home can be stressful. One way to help manage stress and anxiety is to stay organized and make sure that those who live in your house are organized too.
A recent study highlights the need for products and services targeted specifically to this unique market segment. One possibility in this regard is to focus a client workshop or workshop series on these needs, including sections on the financial needs of young adults and on the financial needs of seniors before driving home the need for Boomers to avoid neglecting their own retirement goals and priorities in order to cope with the needs of their parents and their children.