HCR Wealth Advisors was founded in 1988 and is a registered investment advisory firm that works to provide financial and investment advice to their customers. HCR provides a wide variety of educational information to their clients.
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In a recent article posted on HCR Wealth Advisors’ website they speak about a group of people they called the Sandwich Generation. When they use this term, they are talking about individuals that are providing financial support for their parents and are raising a family of their own at the same time. Most of the people in this category are between the ages of 30 and 50. The financial burden for these people are vast. Their parents may not have planned for retirement, and their children may be approaching college, or are coming home after college before starting their careers.
In the article, HCR Wealth Advisors urges these individuals to put their own retirement first. During such a hard time it can be difficult to think about your own retirement. But if you do not put your own retirement first, just like you are doing now, your children will have to support you during your golden years. If you do not want to put your own children through the period you are going through now, you must put money aside for your own retirement.
It can also be difficult to pay for your child’s college tuition during this time. College tuition is not going to drop in price anytime soon. It has actually been going up in price at rates that far exceed most other services. College can cost up to 50 thousand dollars per year, a price that is impossible for someone straight out of high school to pay on their own.
You also need to keep your parents’ health care in mind. Making sure you are familiar with all of your parent’s income is a great start. This ensures that you know exactly how much of your own income must go towards your parents’ expenses. If you are not familiar with all of the monthly income coming to your parents, it means you may be spending money from your own pocket that isn’t necessary.
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