How to Support Kids and Aging Parents Without Sacrificing Your Retirement

Julia Carlson |

Being part of the Sandwich Generation—caring for both your children and your aging parents—comes with a lot of love and, potentially, a lot of stress. You want to be there for everyone, and often, you are. But somewhere between helping your kids launch and making sure your parents are cared for, it’s easy to lose sight of your own financial well-being.

A recent report from Savings.com highlights just how common this challenge is. On average, working parents are spending $1,589 per month supporting their adult children—more than twice what they’re putting toward their own retirement savings, which averages $673. Nearly half of those surveyed admit they’ve compromised their own financial security to do so.

 The truth is, you can’t pour into others if your own cup is empty. When it comes to prioritizing your own financial well-being, it isn’t selfish, it’s essential. Let’s look at how one couple found balance.

Brad and Susan’s Story: Managing financial pressure between generations

In their early 50s, Brad and Susan found themselves pulled in two directions: supporting their college-aged kids’ dreams while managing their aging parents’ growing medical needs.

They worked hard and earned a decent income, but each tuition payment and medical bill left them feeling more squeezed and more anxious about their own future. No matter how much they tried to save, unexpected expenses kept derailing their plans. The tension grew, and they began to wonder if they’d ever be able to step off the financial hamster wheel.

Choosing to Take Financial Control

One night, after yet another financial curveball, Brad and Susan sat down together and had a candid conversation. They realized that if they didn’t start setting clear financial boundaries now, they could find themselves in a very difficult situation down the road.
They wanted to help but not at the cost of their own livelihood. It was time to take charge.

Finding Financial Balance

Working with a financial advisor, Brad and Susan put a practical, empowering plan into action:

  • Setting Financial Boundaries: They had open, heartfelt conversations with their kids and parents about what they could responsibly provide, and where they needed to draw the line to protect their own future.
  • Planning for Caregiving Needs: They explored long-term care options for their parents, ensuring that care needs would be met without draining their personal savings.
  • Prioritizing Retirement Savings: They restarted 401(k) and IRA contributions, knowing that their future security mattered just as much as today’s needs.
  • Building Emergency Savings: They created a dedicated cushion for unexpected expenses, providing clarity when life inevitably threw surprises their way.
  • Encouraging Financial Stewardship: They helped their kids open their own savings and investment accounts, teaching them to build financial independence early.

Regaining Financial Confidence

With a solid plan in place, Brad and Susan finally felt like they were back on track.
They could provide meaningful support to their loved ones without sacrificing their own financial well-being. They found peace in knowing they were modeling strong financial stewardship for their children and ensuring they wouldn't feel like a burden themselves later on.

If you're feeling the weight of being in the Sandwich Generation, you’re not alone. And the good news? You don't have to navigate it alone. We're here to help you create a plan that supports your loved ones and protects your dreams.

Need help planning for retirement? Book a complimentary consultation with one of our Financial Advisors. Email us at info@financialfreedomwmg.com or call/text 458-777-4458.

Julia Carlson is a registered representative with LPL Financial. Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC. 

Information in this material is for general information only and not intended as investment, tax, or legal advice. Please consult the appropriate professionals for specific information regarding your individual situation prior to making any financial decision.