Sandwiched: Relieving the Financial Stress of Supporting Aging Parents, Adult Children

Talk about pressure. Many Baby Boomers and Generation Xers are feeling it from multiple directions — from a sense of obligation to help their struggling adult children find direction and a solid financial footing, from a similar compulsion to care for aging parents with changing health circumstances and needs, and from a desire to keep their own financial house in order amid the strain and stress of those other demands.

Roughly 50% of adults ages 40 to 59 have provided some financial support to at least one grown child in the past year, according to findings from the Pew Research Center, while about 20% have provided financial support to a parent age 65 or older in the past year, and about 15% have provided support to both. These members of the so-called Sandwich Generation are discovering that meeting the unique demands of supporting an adult child and/or an aging parent requires an extra level of financial planning.

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