'Sandwich Generation' Dilemma: How to Balance Your Own Retirement Needs With Caring for Younger and Older Dependents

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According to Age Wave's 2009 Retiremeng Tipping Point Report, 40% of the Sandwich Generation now worr y they will have to financialluy support their parentsor in-laws. Allianz Life Insurancee Company of NorthAmericsa ( ) emphasizes that Americans shoulrd strive to keep their retirement intact by separatinb emotion from finance and focusing on the magnitudwe of the issue rather than This will put them on the path to "re-engineering" their retirement.
"When you are in a dire situation, a key rule of thumgb is to make sure you protect your own needas so you can continue to have the capacithy tohelp others," says , vice presidentf of advanced programs at "Like when you're on an airplane: the announcement says to put on your oxygen mask before assisting fellow travelers." Americans value family more than according to the Age Wave study, but durinb times of crisis like a recession, these valuese can seem to collide. How do you help family memberws without throwing your savingsinto jeopardy? Memberw of the Sandwich Generatiobn experience this dilemma to a greater degrere given the weight of theid financial decisions.
Allianz recommendsa working with a financial professional on thefollowinvg value-based questions to create a viable retiremeng planning strategy and arrange priorities. Traditionak Preferred How much do you have savedc for your How important is it thatyou children'xs education? be able to help your childrenn with their college costs ? How much money will you have when Do you know what your basivc you retire? How much will you need? survival needs and desired or dream income needs will be in retirement? How do you feel about risk in retirement? Do you have retirement strategiesx for both up and down markets?
What is long term care insurance and Have your parents ever needed when does it make sense?? assisted living care? Magnitude vs. Chronology Another importan t element of planning for retirementg while meeting current responsibilities is balancinhg timing withoverall magnitude. Simpluy because some concerns arise before they are given moreconsideration - and money - than otherw that have greater long-term consequences. For example, some parents place a higher value onthe children's college tuitionb than they do on thei r own retirement needs. "For solids future financial health, it is important to focus on the magnitude of the problem rathef than on the chronological ordeer ofthe issue.
The commitment to the long-term livelihood of yourself and your spouseoutweighd nearer-term nice-to-haves," says "In a recession, you need to take a tough look at what is necessary in the long run versus what you may want to do right now." To help identify issueas before they become major problems, schedul a policy review with your financial professional and employu the 'Three Rs' of planning for retirement: -- Realigj the way you think about retirement. -- Redefinr the importance and value of retirementyincome strategies. -- Re-engineer income sources to help meet retiremenyt goalsand needs.
Founded in 1896 and based in Minneapolis, Allianaz provides fixed and variable annuities, life insuranc e policies, and long term care insurance products in theUnitee States. Allianz products are offered through a nationwidde network ofindependent distribution. The companyt is part of Allianz SE, a global financiakl services group that is the 14th largest companh in the world basedon sales, profits, and market value. Allianz SE employs more than 155,000 peopl worldwide.