Each demographic cohort has its own name. Those born between 1980-2000 are called ‘Millennials’. If you were born between 1960-1980 you belong to ‘Generation X’. The most widely talked about generation, the ‘Baby Boomers’, were born during the years following the 2nd World War.
You’ve no doubt encountered these descriptions before. However, have you ever heard of the ‘Sandwich Generation’? Members of the Sandwich Generation are typically in their 50’s and find themselves looking after their grown up children and also their ageing parents with financial, practical and emotional support.
Research by Aviva (Real Retirement Report) shows that one in five (19%) or 1.9 million workers over-50 are juggling their children’s or parents’ financial needs meaning they face pressure to work for longer.
As a Financial Planner I regularly remind people that the financial decisions they make during their 50’s are very important. This decade is usually associated with peak earnings and children having flown the nest. Unfortunately, many people find themselves with grown up children still living in the family home due to impossibly high house prices and elderly parents requiring long-term care as people are now living longer.
If you are in your 50’s and whatever your personal circumstances I suggest you ask yourself the following questions:
- How much do I need in retirement to live comfortably?
- When can i realistically expect to retire?
If you can confidently answer these questions you will be able to plan more effectively for your retirement.
If you do find yourself in the Sandwich Generation you may need to take action sooner rather than later so that you can retire when and how you want.
We have helped and continue to help many people with their retirement goals. If you would like to discuss your goals and how you can achieve them we would love to speak with you. Simply use the contact form and get in touch.