By Angelo Orlando Jr.
The pressures of supporting a child and at the same time caring for an aging parent, while maintaining a career can be an almost impossible thing to do. Today, 10 million baby boomers, which are known as the sandwich generation, are feeling the squeeze in managing these two financial burdens (Andriotos). These baby boomers are struggling to cover the costs of health care and sometimes college tuition at the same time. This situation can make it hard for those baby boomers to save for their own retirement and pay all of their living expenses. In order to survive, you must plan ahead. Health care costs can be very expensive, especially if one needs daily care. The average price of the cost of a nursing home is $75,190 (Andriotos). So in order to manage this problem you should look into long-term care insurance, which covers the cost of nursing homes, assisted living facilities and adult day care for seniors in good health. Another way to cut the costs of taking care of parents and save money is to have the parent move into the house which can significantly reduce costs. This saved money will be able to help pay for many health care costs for the elderly parent that would have gone to housing expenses instead. But the most important thing to think about is to take care of yourself. You must save for retirement in spite of all your responsibilities. A piece of advice would be to use low interest loans for the college tuition bills. But the one scary thing may be that you may have to end up working a little longer than you would like to be able to afford all of this.
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