The sandwich generation, do you know?

The sandwich generation, do you know?

 
It is estimated that 30% of Canadians need to care for their aging parents while supporting their own children (Statistics Canada, 2012). As they are sandwiched between these two priorities, it is difficult for them not to jeopardize their retirement prospects.

Being financially responsible for your family is commendable, but it requires thoughtful planning that takes into account your current and future circumstances. You will be able to set up an adequate strategy, advised by professionals.

Find a suitable strategy

This type of situation often requires the support of a financial advisor or planner in order to have a comprehensive and objective view in addition to embodying the voice of reason.

Your financial management should start early in your working life. According to Angela Iermieri, financial planner at Desjardins, in addition to including your own retirement, it must take into consideration the children's studies, the desired lifestyle, health protection, parents' expectations and succession planning. .

Ask the right questions

To make it easier for people of the sandwich generation, Ms. Iermieri recommends meeting with a counselor with their parents or children, as appropriate. The presence of a professional will reduce the discomfort associated with the taboo topics that can represent money and finances and will make it possible to clarify the financial situation, the goals and the expectations of each one.

However, to find the answers, you have to know how to ask questions specific to your situation. "What rhythm of life do you hope for? Do you have the means? Do you want to keep your house or move to a smaller one? How do you want to help your children who have become adults? Will you have to financially support your parents? These are essential questions whose answers will define the strategy that will decrease financial stress later on. "

Retirement, an evolving reality

"Women now have children older than they used to be, through their 30s," says the financial planner. This reality sometimes delays preparation for retirement, and children remain dependent on their parents longer than before. And according to Statistics Canada, 23% of the population will be over 65 in 2031 (2012 data). People are living longer, so they need more money to pay for this longevity! "

Thanks to financial management adapted to your needs, you will be able to help those around you while limiting stress, which is often the response to an unknown or difficult situation to manage. More than just a personal finance specialist, your advisor is there to support you and help you achieve your financial goals throughout your life.

To know more

Discover the 4 steps to establish a retirement savings strategy
Meet with a financial security advisor