The New York Times published a special report about the Sandwich Generation and the choices they face when parents pensions and social security benefits don’t cover their living costs and other care.
Ron Lieber writes:
As grim as it sounds, things are not hopeless for the sandwich generation. True, some products from the financial industry, like long-term care insurance, have not become the cure-all protection that many people had hoped. But other products, like reverse mortgages and longevity insurance, show promise.
The report discusses reverse mortgages between family members as one way to raise cash from less usual places as well as planning for long term care.
The “sandwich generation”, defined as those who are responsible for supporting both their children and parents is a group that Jeff Lewis, Chairman of Generation Mortgage has been discussing more frequently. A recent survey of the company conducted found 78 percent of those polled are worried about having enough money to retire comfortably.
“The Sandwich Generation is probably the most financially vulnerable demographic to result from the recession,” said Lewis. “They are unemployed or under-employed, financially supporting two generations in their family and are saddled with debt from bills and a mortgage. As this group looks to retire, their financial situation, coupled with the state of the economy, is not leaving them with many options.”
Check out the New York Times special section at the link below.
