The Sandwich Generation

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The Sandwich Generation
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Plan Ahead

• Start saving for college as soon as possible.
• Control your debt.
• Set financial goals and review regularly.
• Invest as much as you can for retirement.
• Talk to your children about what to expect.
• Talk to your parents about their plans and
  provisions.

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Money Management

• Establish clear goals.
• Resolve to spend less.
• Reduce high credit card debt.
• Make saving a priority.
• Organize your financial records.

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Caring for Aging Parents

• Talk to Your Parents
• Prepare a Personal Data Record
• Get Support and Advice

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Exploring Long-Term Care

•  7 million seniors
•  Long-term care insurance
•  Cost and coverage vary greatly

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Keeping Costs Down

• Buy before age 60.
• Choose a shorter benefit period.
• Have a longer elimination period.
• Pay higher out-of-pocket.
• Is part of the premium is tax deductible?
• Buy group coverage.
• Ask about spousal discount.
• Purchase an inflation rider.

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Housing Options

• Assisted Living
• Nursing Home

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Health Insurance

•  Dont go bare
• HMOs
• PPOs
• POS

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Health Insurance

•  Flexible Spending Accounts
• COBRA
• Medicare
• Medicaid

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Child Care

•  Affordability
•  Availability
•  Quality

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Tax Breaks for Caretakers

•  Young children, dependent family members
•  State
•  Federal

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Achieving Your Financial Goals

• Set clear goals
• Resolve to spend less
• Create an emergency fund

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Achieving Your Financial Goals

• Make saving a priority
• Reduce high credit card debt
• Evaluate your insurance coverage
• Think taxes

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Creating a Budget

• Income/take home
• Fixed expenses (car payment, rent, mortgage)
• Flexible expenses (phone, electricity)
• Discretionary expenses (clothing)
• Savings

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Creating a Budget
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Creating a Budget
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Credit Cards

• Be aware of teaser rates
• Stick with one credit card
• Pay in full every month

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Credit Cards

• Pay on time
• Avoid cash advances
• Protect your credit history

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Credit Cards

• Dont exceed your credit limit
• Review statements carefully
• Report lost or stolen cards immediately
• Protect personal information

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Making College a Reality

• Implement a savings blitz
• Tighten the belt
• Tuition management services
• Sec. 529 Plans
• Coverdell Education Savings Accounts

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Making College a Reality

• Financial aid
• Scholarships or grants
• Student or parent loans
• Work-study

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Making College a Reality

• Seek out scholarships
•  Tap your home equity
• Comparison shop
• NO RETIREMENT LOANS

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Savings and Investing

•  Start small
• Contribute to your retirement plan
• Save through payroll deduction plans
• Set up an automatic investment plan
•  Round up your mortgage

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Savings and Investing

• Bank your raises
• Keep paying off a loan
• Pay off your credit cards
• Reinvest dividends
• Keep track of where the money goes

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Thank You!