Challenges For The Sandwich Generation Stuck in the middle
Research has highlighted the fi nancial hurdles facing those in their 40s, 50s and 60s.
For many people, retirement represents freedom. The freedom, after decades of work, to choose when to get out of bed, how to spend your day, and to explore new interests.
Yet, while some of today’s retirees are lucky enough to enjoy just such a lifestyle, future generations may not be so lucky. For a growing number of people, retirement is likely to be marked by fi nancial strain as they are caught between supporting their own kids and caring for ageing parents. This increasingly applies to those in their 40s, 50s and early 60s – a group often referred to as the ‘sandwich generation’.
Supporting an adult child or ageing parent may come at the expense of your original retirement plans. And with fi nances pulled in different directions, the amount you will be able to eventually pass on could be signifi cantly impacted. Indeed, today’s working population is expecting to leave much less of their retirement pot to family members compared with the current crop of retirees.
According to research by Opinium Research, those with £50,000 or more in household assets who are not yet retired expect to pass on £74,000 as an inheritance – a third of their savings. This is down from the £125,000 those already retired expect to pass on.1
A quarter of future retirees expect to be fi nancially supporting family members, up from 7% currently. Everyday living costs, school or university fees,
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1 Homeward bound
Young adults may return home to live with their parents, or require fi nancial and emotional support. Elderly parents may move in with their children, or need help to move into assisted living. Either way, obligations placed on the sandwich generation demand considerable time and money.
With the added pressures of managing your own career, as well as the need to contribute to your own retirement, you may be faced with signifi cant fi nancial and emotional stress. However, putting in place the right plans at an early stage will allow greater opportunity to build wealth over time and leave behind as much as possible when you’re gone. Proactive planning will also help reduce your fi nancial stress if you are already supporting offspring and parents, or if you think you may be faced with this balancing act in the future.
Please visit my website or contact me to receive a complimentary guide covering Wealth Management, Retirement Planning or Inheritance Tax Planning.
Scott Symes
FPFS, Certs CII (MP & ER) Chartered Financial Planner
01202 951227 07885 899742
scott.symes@
sjpp.co.uk www.scottsymeswm.co.uk
Opinium Research carried out an online survey of 4,000 UK adults aged 18+ from 18 to 24 April 2019.
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and childcare topped reasons why people expect to be supporting loved ones in retirement.
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