The Sandwich Generation refers to people between their late 30s and early 50s. This age group has come to feel enormous financial pressures. They are expected to save for retirement, take care of their aging parents, and support their children all at the same time.
With that said, it is at this age that prudent financial management strategies are needed most. One doesn’t need to be a financial expert to access some of the right financial advice. There are dedicated wealth management experts, such as HCR Wealth Advisors who develop strategies to help their clients achieve their financial goals, that can make financial planning significantly easier.
Retirement, aging parents, and family expenses are all important things to dedicate money to. But saving for retirement is particularly crucial. If you don’t save enough money for retirement ahead of time, you might have to rely on your children to live comfortably.
One of the most demanding expenses during for the Sandwich Generation is their children’s education. The cost of college education keeps climbing up. According to the College Board’s estimates, the average annual cost of courses is $20,770 in public colleges and $46,950 in private colleges. And educational loans can easily overwhelm students after graduation.
Caring for elderly parents is also expensive. This is because as we get older the amount of income we generate decreases significantly. Furthermore, old age typically comes with higher health care expenses.
As earlier mentioned, HCR Wealth Advisors is a registered investment advisory firm which educates clients on investment strategy. Since, the firm has helped individuals, businesses, and families achieve financial success.
More information about HCR Wealth Advisors can be found here: https://www.nasdaq.com/quotes/institutional-portfolio/hcr-wealth-advisors-1015692
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