There are certain times when you have to think about your life and the life of those around you in a financial sense. As a matter of fact, for most of us that time is all the time. For those who are in the so-called “sandwich generation,” the time for preparing for the future financially is right now.
The sandwich generation includes people who are finding themselves sandwiched between helping their grown children and their aging parents with finances at the same time. They have a lot of pressure put on them to get everything done just right. Navigating between family members can be tricky without a solid financial plan.
Focus on Your Own Retirement First
HCR Wealth Advisors is a registered investment advisory firm and a place that can help you put your retirement first. As caring as it is that a person wants to help out their loved ones, the reality is that not focusing on your own retirement can have a long-term impact on your financial well-being.
Start a College Fund as Soon as Possible
The sooner that you can start a retirement fund, the sooner you can start to make inroads into having that nest egg of money ready for your children as they become students who are taking on the noble calling of going for obtaining higher education.
Understand Your Parent’s Health Situation
A lot of us would very much prefer to bury our heads in the sand when it comes to reviewing our parent’s health situation. It is a lot easier to simply pretend that everything is just fine. The reality is that aging parents probably have a lot of health issues going on. You have to be honest with yourself about this and try to do what you can to plan for increased expenses going into the future for them. These are the kind of conversations that a person can and should have to start to improve their financial situation going forward into the future.
For more information on HCR Wealth Advisors, visit: https://www.brightscope.com/financial-planning/firm/9605/Hcr-Wealth-Advisors/
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