SMART STRATEGIES TO SURVIVE THE CAREGIVING YEARS Sandwich Generation Stress
Caring for children and aging parents can be stressful for the generation in the middle, leading to heavy workloads and round-the-clock worries. Nearly 1 in 4 American adults are shouldering those duties as part of the sandwich generation — that is, they have at least one parent over 65 and are raising a child under 18 or supporting an adult child financially, according to Pew Research. These cross-generational responsibilities can easily leave a caregiver feeling swamped and stressed out. However, family-care experts have provided three strategies for navigating this challenging stage of life. SELF-CARE ESSENTIALS Neglecting your own physical and mental health is a mistake, not only for your sake but for ensuring you have the inner resources you need for your family. One social worker told Care.com, “You can’t pour from an empty cup.” If you simply can’t find time for a break to exercise, read, or chill with friends, ask a spouse, another family member, or a friend to take over caregiving duties so you can get
Max Out Your Future
Catch Up on Your Retirement Savings
If your retirement savings aren’t quite where you hoped they would be, you’re not out of time yet. Between raising children, unexpected expenses, and seemingly never-ending bills, it’s easy to fall behind on your retirement savings. But with smart budget moves and wise planning, you can start building the nest egg you work so hard for. SPEND LESS, SAVE MORE Start by examining your spending habits, looking for any areas to cut back on and put into your savings account. A good place to start is subscriptions you may no longer need or costs you could reduce, such as eating out. Once you understand your buying habits, create a budget to compare your income and expenses. A budget can be a road map for achieving your retirement goals, allowing you to adjust and earmark funds for specific dreams. Focus on reducing what you owe by paying off high-interest debts. MAX OUT RETIREMENT ACCOUNTS Take full advantage of your retirement accounts, like your employer’s 401(k) contributions and your Roth IRA. Most companies that offer
401(k)s will match your contributions, so go above the minimum contribution to get the most out of this benefit. Maximizing your 401(k) is an excellent way to grow your nest egg while working toward retirement. You can also max out your contributions to a Roth IRA, which allows you to withdraw funds tax-free as long as the account has been open for at least five years and you are 59 or older. MAKE MORE, SAVE MORE Suppose your budget is tight every month, or you find saving up for your goals challenging. In that case, it may mean you need to find new opportunities to earn extra income. If you are nearing retirement but don’t have the savings you feel comfortable with, consider working a few additional years to build up your funds. Any time you receive extra money, use it to build up even more savings. You can invest money from bonuses, gifts, or pay raises into an investment account, so it continues to grow. If you have any hobbies or passions, consider turning them into a side hustle.
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