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Sandwich Generation Dilemma

The Sandwich Generation faces unique financial and emotional challenges caring for their children and aging parents, as well as planning for their own retirement.

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Sandwich Generation Dilemma

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  1. Sharp Asset Management Inc. The Sandwich Generation: Caught Between Two Needs 416-722-9009 contact@sharpasset.com

  2. Who Are the Sandwich Generation? It refers to adults who are financially or emotionally responsible for caring for both their aging parents and their dependent children. These can be single parents, couples, or even grandparents raising their grandchildren. The term was first coined by Dorothy Miller and Rosalyn Wyatt in their 1981 book "The Sandwich Generation." At that time, the middle generation in the sandwich was Baby Boomers. Today, the term has shifted to encompass Generation Xers.

  3. The Financial Strain of Dual Caregiving Increased Expenses: Juggling Kids & Care: Daycare, after-school programs, and activities add up, especially when caring for a senior loved one. Healthcare Costs: Medical care, medications, and in-home care can strain your budget. Home Makeover: Modifications like ramps or grab bars to make your home safe can be an unexpected expense. Senior Support: Assisted living facilities can be costly, impacting your long-term financial plans.

  4. The Financial Strain of Dual Caregiving Reduced Income: Work-Life Woes: Cutting back hours or taking leave to care for someone can put a dent in your income. Career Crossroads: Caregiving can limit career advancement opportunities, affecting future earnings.

  5. How to Navigate Caregiving Responsibilities Budgeting: Create a detailed budget for all household expenses, including caregiving costs. Identify areas and reduce expenses. Invest in Life Insurance: Provides financial security for loved ones after you're gone. Long-Term Care Insurance: Covers costs like nursing homes, hence shielding your savings for caregiving. RESP: Save for your child's education with tax advantages and government grants.

  6. How to Navigate Caregiving Responsibilities RRSP & Tax Planning: Reduce taxable income to potentially qualify for more government benefits and save more for retirement. Emergency fund: Establish an emergency fund to cover unexpected expenses or compensate for lost income due to caregiving responsibilities. Saving for Retirement: Don't neglect your own retirement savings plan. Consider flexible options to accommodate your situation.

  7. Government Support for Caregivers Canada Child Benefit (CCB): Helps with childcare costs for families with kids under 18. Old Age Security (OAS) & Guaranteed Income Supplement (GIS): Provides income support for low-income seniors, potentially easing your burden. Employment Insurance (EI) Caregiving Benefits: Offers financial aid when you need time off work to care for someone. Disability Tax Credit (DTC) & Disability Insurance: Lowers tax burden and provides income replacement for disabled parents.

  8. Contact us 21 Greenwin Village Road, Toronto, Ontario, M2R 2R9 416-722-9009 contact@sharpasset.com P.O BOX 74539 Humbertown Centre, 270 The Kingsway Toronto, ON M9A 5E2 www.sharpasset.com

  9. Thank you

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