Find Balance by Answering these 5 Questions for the Sandwich Generation
Are you faced with the dilemma of having to save for your own retirement while at the same time trying to raise your growing children, put money aside to fund their college educations and support your aging parents? How do you juggle all these financial goals? How do you determine which is more important, or what path to take? Rest assured you are not alone in this problem.
To help define a solution, answer the following questions:
- How many years until you retire?
- How much income do you hope to have in retirement?
- How many years until your child starts college?
- Will your child attend public or private college (and what’s the expected cost)?
- Do you anticipate your child will qualify for financial aid?
- Reduce your standard of living to allow you to save more now
- Invest more aggressively (although this also carries with it a greater risk)
- Expect your child to contribute more money to offset college expenses (through loans or part-time work)
- Send your child to a less expensive school (community college or state school vs. private school)
While it’s true that retirement accounts can be used to save for college, there may be negative consequences to doing so. It’s best to talk with a financial professional to determine the appropriate course of action and to make sure you’re on track to meet your goals. If you or someone you know is part of this sandwich generation, contact our office for a consultation and review of your portfolio and budget. We can help you explore the options available to you and your family.
Written by Securities America for distribution by Joseph A. Davis, CDFA.
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Securities offered through Purshe Kaplan Sterling Investments, Member FINRA & SIPC., Headquartered at 80 State Street, Albany, NY 12207. Advisory Services offered through BEAM Wealth Advisors, Inc., a SEC Registered Investment Advisory Firm. BEAM Wealth Advisors, Inc. is a separate entity from Purshe Kaplan Sterling Investments. Joseph Davis, Registered Representative. Tax services provided by Davis Tax & Associates. Advisory services offered by Beam Asset Management. Joseph Davis, Investment Advisor Representative. Davis Financial LLC, Beam Asset Management, Davis Tax & Associates, and Purshe Kaplan Sterling Investments are separate, unaffiliated entities.