What are the things that impact us in life?
This month we are going to focus and touch upon a variety of topics, but today I’m sharing on the Thrive For[e]ward podcast a personal story and that is around caregiving and the topic of being in the Sandwich Generation.
If you didn’t hear my episode on this or read the blog post in September, I invite you to do as it further supports the financial implications of how being in this generation affects us, primarily women. Over 11 million caregivers (28 percent of all caregivers) provide unpaid care to an adult while also caring for children living in their home and 61% of them are women. And over half of these women are also employed so they are balancing their own career and responsibilities while also juggling the needs of their family members and those they care for. (Source: Thrive For[e]ward – The Sandwich Generation)
The topic around caregiving is a sensitive topic, surrounding many emotions. Many of you might sympathize with it and relate to it, while many of you have yet to experience it. That said, most likely you will encounter what it feels like to literally be “sandwiched” between generations and what work it takes physically and emotionally to meet everyone’s needs … including your own.
As many of you know, I am a mom to two amazing young girls, and I am a daughter to a father who is battling Alzheimer’s. But this past month life threw me a curveball. After weeks of managing virtual learning with my girls and trying to balance running a business we thought we were going to get a break. The girls went back to school in person. My husband Jim and I did the “high five” and I trotted off to the office, excited for a day ahead with one primary focus.
But, then I received a text from my mother that my grandmother who is 94 and lives 4-5 hours away suddenly was rushed to the emergency room due to a fall. She lives independently and has so far managed well. Luckily, she didn’t break anything but while determining her treatment plan and what she will need as she continues to age, we concluded that she can’t be so far away without family assistance if and when needed.
Since my mother’s primary focus is caring daily for my father she wouldn’t be able to break away to drive the distance and leave him to take care of her mother. So, that leaves me to take on additional responsibilities. We decided that Grandma needed to relocate closer to all of us.
More often than not, life transitions happen at once rather than in chronological order. You are not always prepared for them.
The main objective now is to transition her from her apartment in Wisconsin to an independent living facility here in the cities. We want her to be part of the process and we want this to be easy for her to make the move. Keeping it positive and framing our messages are key! We will work to create a home that she is comfortable in and feels as much like her old home as possible.
We have learned so much from this process already and we are just getting started!
There are always services that are available if you can’t do it yourself.
The Senior Linkage Line is a service of the Minnesota Board on Aging in partnership with area agencies and services. I have used them as a resource and find it a wealth of information.
Another piece of advice or information that is good to know is that IF your loved one ends up in the hospital and they are Medicate eligible (over 65+) make sure they are not under observation. They should be admitted. This is important to know as it affects the cost and will reduce out of pocket expenses. Learn more at Medicare.gov
The information and support will continue to increase for The Sandwich Generation. It must. According to a The New York Times article titled ‘It’s Pretty Brutal’: The Sandwich Generation Pays a Price Millions of Americans like are providing care for young children and aging parents (and millions more will likely join them, as the number of people who are 65 or older is projected to increase by 2050, and Americans are having children later).
Do you have a story to share? Are you going through a transition yourself? We want to hear and learn from you as we continue to map out our future topics on the podcast. Feel free to email us at [email protected] with your ideas!
YOU ARE WORTHY OF WEALTH and if you are interested in learning more about Forethought Planning and how we can help you on your journey, please schedule an appointment to our complimentary 30 min Wealth Assessment session to learn more about how we incorporate these strategies and others to assist you through the financial planning process.
Securities offered through LPL Financial, a member of FINRA/SIPC. Advisory services offered through Advisors’ Pride, a SEC registered investment advisor. LPL Financial, Advisors’ Pride, Forethought Planning and the guests of Thrive For[e]ward podcast are separate and unaffiliated parties. Any of the parties listed above are not affiliated with Forethought Planning, Advisor’s Pride, or LPL Financial. The views expressed here are those of the participants, and not those of Forethought Planning, Advisor’s Pride, or LPL financial. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. LPL Financial and Forethought Planning do not offer legal services.
Socially Responsible Investing (SRI) / Environmental Social Governance (ESG) investing has certain risks based on the fact that the criteria excludes securities of certain issues for non-financial reasons, and therefore, investors may forgo some market opportunities and the universe of investments available will be smaller.