What to Do When Your Parents Depend On You for Care
By Luma Wealth on November 10, 2020
Embracing Your Role in the Sandwich Generation
It’s been nearly eight months since the pandemic began, introducing a new set of challenges for those simultaneously caring for children, who now may be distance learning, as well as aging parents who face a higher risk of complications from COVID-19.
At Luma Wealth, we’re committed to our clients’ wealth and wellness, and our goal is to empower you with information that can help you succeed. Here are some ideas that may enable you to better embrace your role as a member of the Sandwich Generation.
- Accept help. If you’re overwhelmed trying to meet everyone’s needs, why not tap into available resources? You may find assistance through your church or synagogue, friends and neighbors, or local associations that support the elderly and those who are caring for them. In addition, your workplace may offer some benefits you need, including paid sick leave or paid expanded family and medical leave to care for a family member through the Families First Coronavirus Response Act.
- Don’t neglect your own health. Every flight begins with a warning to put your own oxygen mask on first in an emergency. That’s because you can’t care for others if you cannot breathe. The stress of caregiving puts you at a greater risk for depression, anxiety and other health issues, but there are things you can do to stay healthy. To begin with, learn how to get a good night’s rest which is essential to good health. Keep your refrigerator stocked with nutritious foods. And squeeze in a few minutes for a brisk walk, plus try to meditate, catch up with a good friend or read a book every now and then to rejuvenate.
- Streamline. Efficiency can save precious time in your day. For example, use Google Docs for centralized information management with children, parents, and siblings, and take advantage of (and possibly teach your parents to use) online bill payment, online banking and grocery delivery services. Luma Wealth clients can quickly access their brokerage accounts, consolidated current financial picture and electronic vault here.
- Revisit the budget. Many in the Sandwich Generation are providing financial assistance to their parents as well as adult children. If you have any monetary concerns, try to identify opportunities to cut unnecessary expenditures. You might start by reviewing your automatic bill payments to see if there are any recurring charges for services you no longer use. And if your adult children have boomeranged home, talk to them about pitching in with an occasional grocery shop or taking on some of your caregiving roles.
- Plan ahead. If you’re not caring for aging parents at this point in time, prepare now if you think that someday you will. Initiate a conversation with your parents to let them know you want to be in a position to help them when the time comes. Ask if they’re comfortable sharing information about their retirement funds, insurance and healthcare coverage, and where to locate important paperwork. If you anticipate having to provide financial assistance, speak with your Luma Wealth advisor to establish a plan. In addition, advanced planning for your own retirement will minimize the burden placed on your own children someday.
Turn to Luma Wealth for assistance with Sandwich Generation and other issues. Your advisor can help you address financial concerns and share a range of resources to help you now, as well as help you plan ahead for your own retirement years. And please share this information with friends and family that might benefit. We’re here for you.
