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The sandwich generation is growing, and according to sandwich generation facts, more adults aged 50 to 69 are finding themselves in a financial situation the requires caring for their aging parents in their 70s and adult children in their teens and 20s.
When we look at research from the U.S. Census Bureau, more adult children are choosing to live at home with their parents as 19 percent of men age 25 to 34 live with their parents and 10 percent of women the same age also live in their family home. These sandwich generation facts indicate that one in every eight middle-aged American is caring for at least one child and a parent under the same roof, according to a study by the Pew Research Center.
These statistics make it clear that baby boomers and sandwich generation are becoming synonymous. While it can be a financial burden for some baby boomers to take on the role of caregiver for both a parent and a child, the effects of this dual living arrangement also have its benefits.
Allowing your children and parents to live under one roof brings us back to the traditional family values that were upheld in the 1950s. This allows children to learn from grandparents in a way that can only truly be realized when a day-to-day living arrangement and engagement is forged.
Elderly parents also benefit from the living situation as they are able to forego the feeling of abandonment and isolation that are so common with aging seniors. As baby boomers and sandwich generation, you are also able to make economic sense out of living in one household. By pooling financial resources, there is more money to go around and with only one home to pay for, financial resources are not stretched as thin as they might be if you chose to live separate lives.
Many baby boomers are also choosing to make their home more intergenerational friendly with in-law suites and separate living quarters that allow a parent to have privacy while living in the same home as their adult children that are providing them care. These homes are becoming more the norm than the exception as the baby boomers and sandwich generation become a trend that continues to grow with each passing year.
There are also tax savings to be realized as an adult child that is caring for an aging parent if medical expenses exceed 10 percent of your total income, an easy feat when a parent has health issues or needs constant medical treatment.
While it can be a financial hurdle to prepare and plan to be baby boomers and sandwich generation at the same time, an experienced financial planner can help you make ends meet to care for your parents and children without feeling a crunch to your pocketbook.
Being a part of the growing sandwich generation as a baby boomer can have its advantages as well as its drawbacks. This caregiver role is stressful and demanding, but living with both your children and parents can bring you closer together as a family. According to a Caring People article taking time for yourself as a caregiver is one way that you can be sure to avoid burnout as part of the sandwich generation.
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