Are you in the ‘sandwich generation’? This means you have children at home and your parents are getting older, putting you firmly in the role of primary supporter, now or in the near future. If you’re experiencing challenges, you’re certainly not alone. Due to increases in life expectancy and many people choosing to start a family later in life, you’re part of an ever-growing demographic. Here are some tips towards preparing for this time and dealing with common issues that arise.
Being proactive with planning
Talking about ageing and what that means for your parents isn’t a topic anyone likes to broach. However, the sooner you can prepare for the possibilities, emotionally, financially and practically, the easier it will be in the long run. The very first step is to have a discussion with your family, with the aim of coming to an agreement on what the options are for caring for your parents. Should a health or financial crisis arise, having a firm plan in place offers a safety net in a stressful and emotional time.
Finding the best solutions for everyone
Depending on your individual circumstances, finding the best solution to ensure your parents are comfortable while maintaining your own needs stems from proactive, honest conversations. Do your parents wish to stay in their own home? If so, how are they coping with day-to-day living, and what happens if they need assistance in the future?
Knowing this in advance allows you to look into the possibility of help, whether that’s through the availability of your support network or government services. This also gives you the chance to prepare to make modifications in the home if needed, to help maintain independence. This could include handrails in the bathroom, extra security features, non-slip flooring and better lighting.
On the other hand, perhaps your parents would prefer to move to a retirement village in order to easily maintain a social life, relinquish the need to look after the home and receive medical support if needed. Or, this may be a necessity if a high level of medical care is required. If so, now is the time to research the options, including the financial implications, in order to ensure the best solutions.
Sorting out finances
It’s important to understand your parent’s financial situation and establish processes before a crisis arises, in order to avoid future stress. This includes information about income, account details and insurance funds, along with determining who takes legal responsibility through a Power of Attorney. While this all seems like an awful topic to discuss over dinner, having a process in place really does offer peace of mind for everyone.
Looking after yourself
The role of caregiver for two generations can certainly take its toll. It’s vital to continue to look after yourself, for your own mental, physical and financial wellbeing. There aren’t any prizes for taking the burden squarely on your own shoulders, so always seek help and ensure you have a reliable support network in place. Make it a priority to nurture yourself on a regular basis, to stay healthy and continue on a proactive path towards the best solutions for you, your children and your parents.
Important note:
This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person. Past performance is not a reliable guide to future returns.
Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author.
Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.
