This generation of middle-aged individuals who are pressured to support both aging parents and growing children have come to be known as “The Sandwich Generation.” The sandwich generation is named so because they are effectively "Sandwiched" between the obligation to care for their aging parents - who may be ill, unable to perform various tasks or in need of financial support - and children, who require financial, physical and emotional support. The obligations placed on the sandwich generation demand considerable time and money.
Caring for Elderly Family
The likelihood of caring for family members rises during this time period as family of this age group enter into their retirement years. Those who haven’t saved enough for retirement often rely on their children for support. This can pose a serious risk to your retirement funds since the average cost for a private room at a nursing home is above and beyond $80,000 per year with increases that exceed annual inflation. -CNN MONEY (2013)
Saving for College
“College expense is one of the top three expenses a family will save for in their lifetime. The average cost of tuition rises anywhere from 5-7% each year and shows no signs of slowing down. After saving for retirement, and purchasing a home, college costs for their children rounds out the top three”. – www.collegeboard.com
- Calculator: How much do I need to save for college?