The Sandwich Generation - PowerPoint PPT Presentation

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The Sandwich Generation

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  1. The Sandwich Generation

  2. 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.

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

  4. Caring for Aging Parents • • Talk to Your Parents • • Prepare a Personal Data Record • • Get Support and Advice

  5. Exploring Long-Term Care • • 7 million seniors • • Long-term care insurance • • Cost and coverage vary greatly

  6. 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.

  7. Housing Options • Assisted Living • Nursing Home

  8. Health Insurance • • Don’t go bare • •HMOs • • PPOs • • POS

  9. Health Insurance • • Flexible Spending Accounts • COBRA • Medicare • Medicaid

  10. Child Care • • Affordability • • Availability • • Quality

  11. Tax Breaks for Caretakers • • Young children, dependent family members • • State • • Federal

  12. Achieving Your Financial Goals • Set clear goals • Resolve to spend less • Create an emergency fund

  13. Achieving Your Financial Goals • Make saving a priority • Reduce high credit card debt • Evaluate your insurance coverage • Think taxes

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

  15. Creating a Budget

  16. Creating a Budget

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

  18. Credit Cards • Pay on time • Avoid cash advances • Protect your credit history

  19. Credit Cards • Don’t exceed your credit limit • Review statements carefully • Report lost or stolen cards immediately • Protect personal information

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

  21. Making College a Reality • • Financial aid • Scholarships or grants • Student or parent loans • Work-study

  22. Making College a Reality • • Seek out scholarships • • Tap your home equity • • Comparison shop • • NO RETIREMENT LOANS

  23. 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

  24. 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

  25. Thank You!