Consider this: Merriam-Webster defines the sandwich generation as a generation of people who are caring for their aging parents while supporting their own children. If you're one of the many adults who provide some financial support to your adult children and some care duties for your parents, you are a part of this generation. Likely, you’re feeling some of the financial stress that goes along with the responsibilities.
It's clear that your children aren't fully ready to leave the nest, and your aging or disabled parents can no longer make it alone. Thus, you've pushed the idea of retirement planning out of your mind. You'll worry about it a few years down the road – or maybe retire on your 100th birthday.
It may seem impossible at first glance, but retirement planning is possible for the sandwich generation. You might not be able to approach retirement in the same way as your parents, or even your peers, but your future is coming and you need to prepare. When planning for retirement savings you need a road map, determination, and the right tools to help you succeed. In fact, getting started might be the hardest step.
A vague idea to occasionally put away money for retirement will quickly get swallowed up by life's little demands. Your goal is retirement, and you need a plan to make it happen. Whether you had a plan in the past and put your retirement savings on hold, or you haven't even begun to seriously consider your future, you might want to speak with a financial advisor.
Your retirement savings plan should include the following:
A clear idea of when you expect to retire: You can't have retirement planning without a concrete goal. Your target retirement age will be a major influence point over your budget in the future.
A strict budget: While you may feel as though you're cutting costs in every way possible, try to notice where you could curb spending. For instance, buying prepared lunch every day or picking up a morning coffee can quickly add up. Consider packing tasty lunches several days a week and carrying a thermos.
Opportunities for assistance along the way: Yes, you can (and should!) ask for help. Financial assistance or student loans are available for most college students and seniors are eligible for many types of assistance as well.
Once you have the bare bones of your plan in place, you'll be ready to talk about the changes with your family members and consider your options for a retirement savings account.