Advisors Urge 1 in 4 U.S. Adults to Protect Retirement While Funding Family Care
Updated
Updated · The Daily Upside · Aug 7
Advisors Urge 1 in 4 U.S. Adults to Protect Retirement While Funding Family Care
3 articles · Updated · The Daily Upside · Aug 7
Summary
About 1 in 4 U.S. adults are simultaneously caring for children and aging parents, pushing advisors to steer clients toward plans that protect their own retirement before extending more financial help.
More than half of caregivers say those duties have already hurt their ability to save for retirement or manage household finances, according to an EBRI retirement confidence survey.
Advisors say the response starts with setting priorities and boundaries, then having early family talks about money and caregiving before a health or financial crisis forces rushed decisions.
Insurance reviews and more frequent check-ins are also key, advisers say, because sandwich-generation clients' care needs, cash flow and savings goals can shift quickly.