If you are in the so-called “sandwich generation,” you have likely been smushed between caring for young children and aging parents during the COVID-19 pandemic.
So, what does that mean? The “sandwich generation” is defined as people – sometimes millennials, sometimes Generation X – who have young children and aging parents they care for, meaning they are stuck in between these two life seasons.
And that generally means, if you are sandwiched, you are juggling. A lot. And if you have school age children, a job and aging parents, you are doing more than juggling. You are likely dropping some balls.
Many people, most of them women, have had to dial it back at work – or even quit – to maintain their child’s educational needs, as schools across the U.S. remain closed or open and then close again during the pandemic.
What that means is, lost income, lost opportunities to advance your career and ultimately – lost opportunities to save for retirement during a critical time.
All while potentially spending more to educate children and help care for or financially support aging parents.
This also means less money available to sock away for retirement, which could set back financial goals for this sandwich generation for years.
This sandwich generation is already financially strapped, with increased housing costs, larger student loan payments and more – meaning they are already behind the times in investing for retirement.
So, what can be done? Is it all doom and gloom in this pandemic era?
You can still set and achieve financial goals, even in a global pandemic. Oftentimes, there are strategies and solutions available and a good financial advisor can help.
In 2021, resolve to work on setting attainable financial goals!
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