Are you approaching retirement while juggling paying for your kids’ college, or even perhaps caring for aging parents? You are not alone. In fact, 48% of adults are providing some sort of financial support to their grown children, while 27% are their primary support. Additionally, 25% are financially supporting their parents as well.
The conversation focuses on the sandwich generation, which refers to individuals who are planning for their own retirement while also supporting their children and aging parents. In this conversation, Kevin Lao and Jeff McDermott discuss various financial planning topics, including college planning, retirement savings, and caring for aging parents. They emphasize the importance of balancing saving for college and retirement, taking advantage of catch-up contributions after age 50, and having open conversations about estate planning and long-term care. They also highlight the benefits of using 529 plans, taxable brokerage accounts, Health Savings Accounts, and more.
I hope you enjoy this episode!
-Kevin
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Links referenced:
- Forbes Article: The ‘Sandwich Generation’ Is Financially Taking Care Of Their Parents, Kids And Themselves
- Jeff McDermott on IG
- CreateWealthFP.com
- Whiteboard Fireside Chat: You are 50+ and want to catch up for retirement
- Whiteboard Fireside Chat: The different types of permanent life insurance
- SECURE Act 2.0 529 Rollover Rules
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