Cheryl Sherrard quoted in CNBC article about why Sandwich Generation savers are in a pickle – by Deborah Nason.
Members of the so-called sandwich generation, Tiffany and Andre Trent, ages 40 and 43, were afraid they would have to choose between taking care of their elderly parents and adopting a child.
People in such a sandwiched situation are simultaneously caring for a minor, or grown, child as well as for a parent age 65 or older. Around 42 percent of Gen Xers and 33 percent of baby boomers fit this profile, according to a2013 Pew Research report.
It had taken 15 years for the Trents, of Blacksburg, Virginia, to recover financially from cutting short their overseas careers to care for Tiffany’s gravely ill father. Childless, they had also been saving up for years to do an overseas adoption. Then Andre’s parents became ill.
“We had a big moment of pause,” Tiffany Trent said. “My in-laws have no savings, and my mother in Wisconsin is not well. We will probably have to take care of them, so should we take on having our [own] family?”
They ultimately decided to adopt their daughter in 2013.
“We’re happy to take care of our parents, but we worry: Can we save for ourselves, and our child and our retirement?” she asked. “It’s terrifying to think about.”
Cheryl Sherrard, certified financial planner and director of planning for Clearview Wealth Management said such situations “can be overwhelming—not just financially but with time and energy.”
She explained, “You put your own needs on the back burner. It’s easy to sideline your own planning and saving [and] not realize how much money you’re giving to the other generations.”
You can read the full article here.