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The Sandwich Generation 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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Presentation Transcript
plan ahead
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.
money management
Money Management
  • Establish clear goals.
  • Resolve to spend less.
  • Reduce high credit card debt.
  • Make saving a priority.
  • Organize your financial records.
caring for aging parents
Caring for Aging Parents
  • • Talk to Your Parents
  • • Prepare a Personal Data Record
  • • Get Support and Advice
exploring long term care
Exploring Long-Term Care
  • • 7 million seniors
  • • Long-term care insurance
  • • Cost and coverage vary greatly
keeping costs down
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.
housing options
Housing Options
  • Assisted Living
  • Nursing Home
health insurance
Health Insurance
  • • Don’t go bare
  • •HMOs
  • • PPOs
  • • POS
health insurance9
Health Insurance
  • • Flexible Spending Accounts
  • COBRA
  • Medicare
  • Medicaid
child care
Child Care
  • • Affordability
  • • Availability
  • • Quality
tax breaks for caretakers
Tax Breaks for Caretakers
  • • Young children, dependent family members
  • • State
  • • Federal
achieving your financial goals
Achieving Your Financial Goals
  • Set clear goals
  • Resolve to spend less
  • Create an emergency fund
achieving your financial goals13
Achieving Your Financial Goals
  • Make saving a priority
  • Reduce high credit card debt
  • Evaluate your insurance coverage
  • Think taxes
creating a budget
Creating a Budget
  • • Income/take home
  • • Fixed expenses (car payment, rent, mortgage)
  • • Flexible expenses (phone, electricity)
  • • Discretionary expenses (clothing)
  • • Savings
credit cards
Credit Cards
  • Be aware of teaser rates
  • Stick with one credit card
  • Pay in full every month
credit cards18
Credit Cards
  • Pay on time
  • Avoid cash advances
  • Protect your credit history
credit cards19
Credit Cards
  • Don’t exceed your credit limit
  • Review statements carefully
  • Report lost or stolen cards immediately
  • Protect personal information
making college a reality
Making College a Reality
  • • Implement a savings blitz
    • Tighten the belt
    • Tuition management services
    • Sec. 529 Plans
    • Coverdell Education Savings Accounts
making college a reality21
Making College a Reality
  • • Financial aid
    • Scholarships or grants
    • Student or parent loans
    • Work-study
making college a reality22
Making College a Reality
  • • Seek out scholarships
  • • Tap your home equity
  • • Comparison shop
  • • NO RETIREMENT LOANS
savings and investing
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
savings and investing24
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