How to care for others by caring for yourself first financially

Ongoing changes to the structure of the typical American family unit have created a new designation known as the “sandwich generation.”

The sandwich generation is defined as those Americans who are simultaneously responsible for their own children and their aging parents. Across the country, these middle-aged adults are finding themselves increasingly compelled to manage a multi-generational extended family, effectively “sandwiched” between their children and elderly parents.

The upcoming holidays are a great time to share financial wellness tips with the young adults, grandchildren and young relatives in your life. As families gather, it is important to pass on stories and traditions. So why not the traditions of financial literacy as well? With accelerating college debt, the young people in your life may be most in need of guidance.

Here are some healthy financial practices to share this season:

“Retirement age” can mean different things to different people, as there are many things to consider when choosing your planned retirement age.

Well-conceived planning in the years before your actual retirement day can make a significant difference in the ultimate value of the assets available to you in retirement. Tax implications and the rules surrounding Social Security benefits make it important to be aware of key dates.

Here’s a look at factors that might help you choose the best planned retirement age for you.

What Should I Bring to My Meeting with a Financial Advisor?

Meeting with a financial advisor for the first time can feel intimidating when it is not always clear what you are expected to bring or how prepared you need to be.

This checklist is designed to make that part simple.

As you approach your retirement years, you probably have questions or concerns about how your retirement will look. Creating some certainty by reducing the number of potential surprises can go a long way toward alleviating those concerns.

Here are six things to consider before you retire:

As money scams proliferate, senior citizens are one of the most vulnerable populations. The U.S. Consumer Financial Protection Bureau notes a four-fold increase in financial fraud reports in recent years. Suspicious financial activity that involves older Americans totaled $1.7 billion in 2017 alone, the bureau says.

Are you thinking about re-entering the workforce in your 60s? Even after making a carefully considered decision to retire? 

The reality is that you are not alone. An increasing number of baby boomers are shifting gears and reversing their decision to retire.

Consider the following from a New York Times article that compiled survey data on changes in American’s attitudes toward retirement:

• More than 25 percent of retirees later resumed working
• 40 percent of workers over age 65 had previously retired
• The number of people over age 65 who are employed either full-time or part-time has climbed from 12.8 percent in 2000 to 18.8 percent in 2016

Some DIY investors may feel like they are saving money by managing their own investments. But just like with your car, is it smart to be your own mechanic? A lot can go wrong. What might that cost you? And if you found a great mechanic who you trusted, would you ever want to fix your own car again?

From our years of experience, we find many investors who feel they are managing their own portfolios well. But across the board, when we review their portfolios, we find they are missing out for multiple reasons. Here are a few examples:

Successful investing takes patience. There is no Holy Grail or magic, risk-free formula that ensures success and worry-free sleep. In short, investing involves some risk-taking. However, here are six mistakes you can avoid in your investment portfolio. 

If you have children or grandchildren and have the soaring costs of college education on your mind, you might want to consider a 529 plan as part of an overall long-term savings strategy.