Episode 5: "The Sandwich Generation - Managing the Cost of Caring for your Parents & Your Retirement

If you're in your 40s & 50s, juggling the responsibilities of caring for aging parents and supporting your own family can have profound financial implications. Join Tom and Kristen in this crucial discussion about the unique challenges faced by individuals in the 'sandwich generation.' Explore the direct impact on your retirement plans and learn strategic approaches to secure your financial future. In this video, Tom, and Kristen dive deep into the emotional and financial aspects of caring for aging parents. Discover how this role can affect your retirement savings, potentially altering the trajectory of your financial goals. Gain valuable insights on navigating this financial strain and uncover effective solutions to safeguard your retirement plans. Jump to a segment using the 𝘁𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀 𝗯𝗲𝗹𝗼𝘄! 👇 TIMESTAMPS 00:00 Intro 01:41 Defining the Sandwich Generation 05:30 Unique retirement challenges that come with caring for parents. 10:10 The financial impact of caring for parents. 14:30 How to help your parents prepare for passing financially. 18:00 Documents that need to be in order. 20:23 Secure 2.0 Inherited IRA implications. 23:34 Unique retirement challenges that come from caring for your kids & young adults. 26:51 How to maximize your retirement under the circumstances. 27:20 Scarcity mindset & learning to take care of yourself 30:40 Start with a retirement plan. 34:30 Start putting money away and automate where you can 39:50 401K Coaching 43:20 Paving the way for Roth 401K options 47:05 Getting out of debt. 48:20 Importance of Life insurance (especially if you have debt, kids, and mortgage) 50:53 Call to Action – Need help?
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