A 4-Step Approach to Caregiving for the Sandwich Generation
Recent studies show that top concerns among women of the sandwich generation—those caring for aging parents while supporting their own children—include identifying the right caregivers, balancing the demands of career and care, and managing the logistics associated with caregiving.
To develop the best caregiving plan for your family’s unique situation, consider the following 4-step process:
Establish caregiving goals and priorities
- Research informational resources that provide existing options and alternatives for caregiving.
- Hold family meetings to discuss commitment to care and logistics for aging parents and children.
- Set realistic caregiving priorities, expectations and objectives.
Assess your situation with a financial advisor
- Understand the funds available for and expenses associated with caregiving before establishing financial goals to prepare for the cost of care.
- Identify additional resources, such as long-term care insurance, to bolster funds available.
- If appropriate, consider professional positions with flexible work hours, work from home policies, or those that provide on-site or discounted care options.
Identify your network of caregivers
- Identify a network of caregivers, inside and outside of the family, who can assist with day-to-day care giving responsibilities.
- Develop a directory of trusted advisors who can provide expert guidance for legal, medical and financial matters.
Check-in to stay grounded
- Proactively seek support from friends, family, and trusted confidants to mitigate any potential stressful situations that result from caregiving.
- Schedule regular check-in meetings with your financial advisor to review and refine caregiving expenses and budgets to stay on track with your family’s financial goals.
- Conduct semi-annual family meetings to communicate progress and evaluate what’s working and opportunities to improve the family’s caregiving plan.