Gen X cares for kids & parents. See burdens of GA’s ‘sandwich generation’
When you hear the words “sandwich generation,” your first thoughts might be in a more literal sense. However, it has very little to do with food and more with being pulled in two different directions by one of life’s biggest dilemmas.
This generation gets its name from being sandwiched between the duties of caring for aging parents and maturing children who both need help maintaining their quality of life.
While most people can’t avoid becoming a part of the sandwich generation at some point, there are a few ways to prepare better and navigate the changing environment that comes with entering these middle stages of life.
What is the sandwich generation?
The sandwich generation is currently comprised of those mostly in Generation X (1965-1980), who are currently between the ages of 45 to 60. Members of Gen X are the children of the Post War/Silent Generation and Baby Boomers, meaning their parents’ ages range from about 61 to 97.
On the other hand, 26% of Gen X individuals who had and lived with their kids between the ages of 18 and 29 are also parents to Millennials and Gen Z, who are between the ages of around 13 and 44. While many of these children are over the age of 18, several members of these generations still look to their parents for guidance during the early stages of adulthood.
According to 2022 data from the United States Census Bureau, Gen X makes up a good portion of the second-largest age group portions of Macon County, behind the older members of Gen Z.
For Gen X, two big parts of life (or pieces of bread for the analogy) may have begun to feel smothering because of the duties that stage in adulthood. To more efficiently deal with these responsibilities, preparation and planning are key in making sure things fall into place without risking total burnout.
How to assist parents and older adults?
While most of Gen X are well established in their careers or approaching the age of retirement, their parents’ generation is often well into retirement by this point. This makes Gen X’s biggest obstacle finding funding for food, healthcare, transportation, or any other necessities that come with advanced age.
Most retirees depend on retirement funds like their 401k, pension, social security, etc. However, when these funds aren’t available or do not cover all that is necessary, it is often up to family members to assist them.
To help prep older family members for retirement or at least retirement age, these are some funding plans that can be considered for long-term investing:
403(b) plan - For employees with at least 15 years of service to contribute up to $6,000 annually.
Individual Retirement Accounts (IRA) - Personal retirement savings accounts that offer tax advantages later in life.
Health Savings Account (HSA) - Tax-advantaged accounts created for or by individuals to save for qualified medical expenses based on the deductible.
Medicare - Federal health insurance for those 65 and older or those with certain disabilities/conditions.
Delayed Social Security - Delaying Social Security benefits past full retirement age can increase the monthly payout for each year delayed.
USDA food assistance - The USDA offers food assistance programs to help provide healthy food for older adults.
Middle Georgia Area Agency on Aging (AAA) - General home and community-based assistance services for the Middle Georgia area.
How to assist children and young adults?
Raising or caring for children comes with several challenges, but there are changes in difficulty in practical ways. What remains constant is the issue of needed financial guidance and support, just as it is with assisting parents and older adults.
From all levels of educational costs to unpredictable day-to-day expenses, it’s not uncommon for parents to struggle when trying to be the primary resource for financial help that their kids look to. To help reduce some of those expenses, here a some of the programs that can support teens and young adults as they make their journey to financial independence:
Operation Hope - Offers appropriate financial literacy education to school-aged youth and young adults.
Scholarships.com - Plenty of scholarships available to incoming and current college students pay for tuition and miscellaneous fees.
GAfutures - Case-specific scholarship opportunities, mainly for students attending school in Georgia. Also contains saving and investing tips.
Debt Management Plans - Look into programs that can help young adults use their money effectively when trying to lower their debt.
Emergency Savings - Funds to help build long-term financial security and in case of emergency needs.
Credit Building Apps/Programs - Programs meant to help young adults build their credit through scheduled loans and repayments.