Helping your Elderly Parents – Consumer Reports

Cheryl Sherrard was recently quoted in a Consumer Reports article written by Mary Hickey entitled, “How to Help your Elderly Parents with their Finances”.  Her contributions focused on money management assistance and emphasized a cooperative approach to helping elderly parents with their financial tasks, allowing them to stay involved for as long as feasible.  Cheryl helps families navigate later life issues through her ongoing financial planning work with senior clients and their families.

When Millennials Move Back Home

Cheryl J. Sherrard, CFP was quoted in a September 21st article in the Wall Street Journal, focused on what parents should know, and do, about the financial challenges of boomerang children. More millennials are spending early adulthood in the same place where they spent their formative years: in their parents’ homes. It’s crucial that both parties understand the financial implications of this homecoming. For parents, a child’s return often means a greater financial burden, just as the parents may be struggling to meet their own savings and retirement goals. It also can make it more difficult for the millennials to acquire the financial skills they’ll need later in life. According to a recent study by PEW Research Center, the percentage of 18- to 34-year-olds living with their parents is higher today than it has been in decades. Currently, 26% are back in the nest, up from 22% in 2007. The rise has occurred among both high-school and college graduates, and has continued since the recession’s end, despite the fact that millennials are earning more and have a lower unemployment rate than Read on! →

The Sandwich Generation

Cheryl Sherrard and Megan Rindskopf were honored to speak with a wonderful group today at Elliott Davis’s Women, Wisdom and Wealth lunch in Charlotte! If you’re feeling stretched, you’re not alone. Check out these stats. @CherylJSherrard @Elliott_Davis "Sandwiched" btwn 2 generations? You're not alone. Check out our piktochart for stats pic.twitter.com/3J8gXVrPvW — CVW Mgmt (@cvwmgmt) September 10, 2014

Couples Conversations about Aging Parents

We all know that when we get married, we marry the entire family. What we may not realize is that each of us comes to a marriage with expectations about how we will interact with and assist our families.   Most couples talk about and come to consensus on topics such as when to visit which set of parents and can usually resolve that by rotating holidays with each family. However, the discussions you may not have had revolve around each of your expectations for the assistance and care of your parents and in-laws as they age. You may be fortunate that the prior generation has already dealt with planning for any needs that will arise in their later lives, but you and your spouse should consider what you know about their current situation, their preparedness for unexpected issues and your ability and willingness to help and supplement their care if needed. While we can’t control the specific course nor the timeframe of how our parents age, we can proactively discuss what our expectations are and how we want to Read on! →

Caring for kids, parents, sandwich generation savers pressed for time

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 Read on! →