July is National Sandwich Generation month, an observance honoring a generation of adults “sandwiched” between managing their aging parents’ growing medical and financial needs and raising a family of their own. Sandwich Generation Month is a month of awareness to commemorate and celebrate the dedication, patience and caring of adults who are part of the Sandwich Generation. It is officially registered within the National Special Events Registry as an annual national observation, occurring each July 1-31.
According to the Pew Research Center, 47% of adults in their 40s and 50s have a parent age 65 or older and are either raising a young child or financially supporting a grown child (age 18 or older). Also, one-in-seven middle-aged adults (15%) is providing financial support to both an aging parent and a child. This number is projected to grow, as people are having children later in life and living longer. In fact, US Census Bureau statistics indicate that the number of older Americans aged 65 or older will double by the year 2030, to over 70 million.
Despite the everyday struggles and exhaustion associated with caring for children under age 21 and aging parents, members of the Sandwich Generation have gracefully continued their care of those closest to them. In fact, at this time, adult children are the most common providers of informal care, and many adult children also provide financial help to their parents. For tips on caregiving and alleviating stress, read some of our recent blog posts including:
More Men are Becoming Caregivers for Loved Ones with Dementia, Only-Children: Caregiving without Siblings, Feeling Torn Between Caring for Your Children and Your Parents, and more (use the search function on the left and search for “caregiving.”)
What happens when your parents need more help than you can provide? Nursing homes in Northern Virginia cost $12,000 - $15,000 per month, which can be catastrophic for even wealthy families. By being proactive and planning for long term care in advance, you can help make sure your parents always receive the care they need without worry or financial struggle. You’ll further avoid many costly legal headaches that adult children face when they are not prepared for their parent’s incapacity or ongoing care needs. It’s never too early to get started. Learn more at The Fairfax Medicaid Asset Protection Law Firm of Evan H. Farr, P.C. website. Call 703-691-1888 to make an appointment for a no-cost consultation.