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The Sandwich Generation

The Sandwich Generation Plan Ahead Start saving for college as soon as possible. Control your debt. Set financial goals and review regularly. Invest as much as you can for retirement. Talk to your children about what to expect. Talk to your parents about their plans and provisions.

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The Sandwich Generation

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  1. The Sandwich Generation

  2. Plan Ahead • Start saving for college as soon as possible. • Control your debt. • Set financial goals and review regularly. • Invest as much as you can for retirement. • Talk to your children about what to expect. • Talk to your parents about their plans and provisions.

  3. Money Management • Establish clear goals. • Resolve to spend less. • Reduce high credit card debt. • Make saving a priority. • Organize your financial records.

  4. Caring for Aging Parents • • Talk to Your Parents • • Prepare a Personal Data Record • • Get Support and Advice

  5. Exploring Long-Term Care • • 7 million seniors • • Long-term care insurance • • Cost and coverage vary greatly

  6. Keeping Costs Down • Buy before age 60. • Choose a shorter benefit period. • Have a longer elimination period. • Pay higher out-of-pocket. • Is part of the premium is tax deductible? • Buy group coverage. • Ask about spousal discount. • Purchase an inflation rider.

  7. Housing Options • Assisted Living • Nursing Home

  8. Health Insurance • • Don’t go bare • •HMOs • • PPOs • • POS

  9. Health Insurance • • Flexible Spending Accounts • COBRA • Medicare • Medicaid

  10. Child Care • • Affordability • • Availability • • Quality

  11. Tax Breaks for Caretakers • • Young children, dependent family members • • State • • Federal

  12. Achieving Your Financial Goals • Set clear goals • Resolve to spend less • Create an emergency fund

  13. Achieving Your Financial Goals • Make saving a priority • Reduce high credit card debt • Evaluate your insurance coverage • Think taxes

  14. Creating a Budget • • Income/take home • • Fixed expenses (car payment, rent, mortgage) • • Flexible expenses (phone, electricity) • • Discretionary expenses (clothing) • • Savings

  15. Creating a Budget

  16. Creating a Budget

  17. Credit Cards • Be aware of teaser rates • Stick with one credit card • Pay in full every month

  18. Credit Cards • Pay on time • Avoid cash advances • Protect your credit history

  19. Credit Cards • Don’t exceed your credit limit • Review statements carefully • Report lost or stolen cards immediately • Protect personal information

  20. Making College a Reality • • Implement a savings blitz • Tighten the belt • Tuition management services • Sec. 529 Plans • Coverdell Education Savings Accounts

  21. Making College a Reality • • Financial aid • Scholarships or grants • Student or parent loans • Work-study

  22. Making College a Reality • • Seek out scholarships • • Tap your home equity • • Comparison shop • • NO RETIREMENT LOANS

  23. Savings and Investing • • Start small • • Contribute to your retirement plan • • Save through payroll deduction plans • • Set up an automatic investment plan • • Round up your mortgage

  24. Savings and Investing • • Bank your raises • • Keep paying off a loan • • Pay off your credit cards • • Reinvest dividends • • Keep track of where the money goes

  25. Thank You!

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