Challenges for the Sandwich Generation -Ep 234

Published: June 29, 2020, noon

b"Are you living in a multigenerational household or are you considering having your parents move in? Do you take care of aging parents as well as your own children?\\nDo you know someone who is having challenges with caring for their parents? If any of these situations are yours, then this series is for you.\\nIn other countries, the sandwich generation is a cultural thing, and it has been passed on from generation to generation. Therefore, it\\u2019s a given. But is it necessarily a bad thing? There is nothing wrong with caring for family members.\\nIn last week\\u2019s episode, we spoke about what the sandwich generation is and what issues you may face if you are taking care of both your parents and your own children.\\xa0Today, we\\u2019re talking about six lessons for the Sandwich Generation. Now Tae and I didn't get through all six of the lessons in our conversation but they are all listed below\\nGet to Know Everybody\\u2019s Finances\\nGrowing up as an immigrant family, Tae\\u2019s parents didn't know anything about retirement savings, and money wasn't discussed in his household. Tae said when his parents moved in they didn't have a formal sit down but he does have a sense of his parent's financial situation. His father has a small business where he generates a little money from that, but both of his parent's main source of income is Social Security.\\xa0 He also knew that whatever money that had saved was really the down payment that they had for this home. So his parent's offer was we will help you with the down payment for your home bu you know, that we come with the house and you guys take care of the majority of the overall expenses.\\nThe conversation of finances can be tricky because there is a fine line between knowing everything about your parent's financial situation and still respecting his parent\\u2019s independence and their decision making. So, definitely, by living together, they were able to have more natural organic conversations where he learns more a little at a time. But he doesn\\u2019t know if he could sit down with that and be like ‘alright, let's learn everything'.\\nUnderstand whose money it is\\nJust because you are responsible for paying all the bills doesn\\u2019t mean it\\u2019s \\u201cyour money.\\u201d If you can have your parents make some of the financial decisions that is the best way to go. Also, if you have children living with you, make them pay their fair share for certain things. Even if you are able to afford to shoulder the cost alone. Many experts suggest that grown-up children who return to the nest post-college should pay their parents for a portion of the household expenses. \\u201cOtherwise, they don\\u2019t grow up to be independent.\\nSeek out the right professionals and organizations for help\\nYou don't have to do it alone! Unless you\\u2019re a financial and legal wiz \\u2014 and an ace social worker to boot \\u2014 there\\u2019s no way you can manage the myriad affairs of your life, let alone your parents\\u2019 lives. If you haven\\u2019t already, you\\u2019ll want to consider working with a financial adviser for everything from retirement to college planning. You\\u2019d also be surprised how much direct help you can get \\u2014 or referrals to professionals \\u2014 through government programs or nonprofit organizations. (Best of all: A lot of these resources are free.) A great place to start is your local Area Agency on Aging (these are programs funded through the federal government\\nFind good care\\nIf your aging parents need extra care, get help! In the article, the author writes: If there\\u2019s a single professional who\\u2019s made the greatest difference in my life \\u2014 and my father\\u2019s life \\u2014 in the past couple of years, it\\u2019s the caregiver who spends about 35 hours a week with him."