I was recently asked by an email reader named Susan about how to handle the needs of her own retirement in light of her kid’s needs AND her parent’s needs for financial support.
I honestly never expected my parents to live as long as they have … and they didn’t either. Today I and my husband part of the “Sandwich Generation” — squeezed between our own savings for retirement, my elderly parent’s need for financial support (his parents passed away 14 years ago), and my two boys needs while they’re in college (one is 19 and the other is 21). Which of these three demands should take priority?
Note: This is an increasingly common problem, one exacerbated by a lack of good financial planning on the part of her parents and by the ever escalating demands and expectations that parents should foot every bill a child incurs until the age of 26, or 30, or even older.