As people are having children later in life, the “sandwich generation” continues to expand, growing to at least 11 million in the United States, according to one estimate.
The trend of caring for both their own children and at least one aging relative is nothing new. However, shifts in demographics, costs, and work are making it a longer and tougher slog, The Wall Street Journal reports.
Those in the "sandwich generation" are facing increasing financial burdens, as the caregiving not only can weaken their careers and quality of life, it cuts into their monthly budgets. According to one analysis, a 40-something contributing $1,500 a month over five years to support an aging parent stands to lose more than $1 million in retirement savings.
The presidential candidates are weighing in as the election nears. Vice President Kamala Harris recently proposed expanding Medicare benefits to cover home healthcare, while former President Donald Trump’s campaign said he would prioritize home-care benefits by shifting resources to at-home senior care and providing tax credits to support unpaid family caregivers.
Comments