If you’re a woman who provides care for children and elderly parents, you may face some financial challenges.
How can you meet them?
It’s a serious issue.
Nearly half of women in the so-called “sandwich generation” say caregiving duties have caused them financial stress, according to a survey by Edward Jones and research firms NEXT360 and Morning Consult.
To help address this problem, you may need to take several steps.
First, try to define your financial goals and create a strategy for meeting them. You may want to get help from a financial professional.
Also, contribute monthly as much as you can afford to your 401(k), IRA, or similar plan.
Here’s another suggestion: Don’t rush into taking Social Security early.
If you can afford to wait until your full retirement age of 67, your benefits can be larger.
One final thought: Keep your finances separate from those of your parents.
If your accounts get tangled up with theirs, you could end up paying for expenses that your parents can afford.
Caregiving can be financially taxing on caregivers.
But by taking the appropriate steps, you may be able to help reduce some of the stress involved.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson and Hawes Dickerson. Members SIPC.
