More and more young workers are taking on “sandwich generation” responsibilities early on, acting as a financial supporter of their parents. This additional responsibility requires preparation and planning of retirement and financial goals. “Your pie of take-home pay is 100 percent,” said Manisha Thakor, Director of Wealth Strategies for Women at The BAM Alliance. “Obviously if you’re taking a sliver out of that for your parents, something has got to give.”
In a recent article by CNBC, Turnabout: More Millennials Helping Mom and Dad, Manisha Thakor weighs in on assessing expectations and planning to provide financial assistance to a parent. You can contact one of us at Claris to learn more about the tools we use, like the Social Security Optimizer, a life insurance analysis or a retirement analysis, to help our clients prepare for such a situation, and put a plan in place.