Sandwich generation Americans get budgeting advice for children and aging parents
Updated
Updated · USA TODAY · May 9
Sandwich generation Americans get budgeting advice for children and aging parents
8 articles · Updated · USA TODAY · May 9
Experts say early planning is crucial, with about 70% of people turning 65 expected to need long-term care and annual costs ranging from $24,700 for adult daycare to $129,575 for private nursing homes.
Advisers recommend considering long-term care insurance, hybrid life policies, Medicaid planning, veterans' benefits and irrevocable trusts, while warning Medicaid's five-year look-back limits last-minute asset transfers.
An Athene survey found nearly 75% of Americans aged 40 to 59 in the sandwich generation had already changed retirement plans, while experts also urged using workplace benefits, tax credits and sibling support.
Can individual financial plans solve what has become a national crisis in elder care costs?
How do you legally protect parents' assets for Medicaid without jeopardizing your own retirement?
What can America learn from cultures where multi-generational caregiving is not a financial crisis?