Home Financial Advice How HCR Wealth Advisors Can Help Protect the “Sandwich Generation”

How HCR Wealth Advisors Can Help Protect the “Sandwich Generation”

HCR Wealth Advisors Sandwich Generation Retirement Planning
HCR Wealth Advisors Sandwich Generation Retirement Planning

Planning for your own retirement is hard enough. What happens if you have to do it while looking out for your aging parents and growing kids’ welfare on the side?


With as many as 1 in 7 adults between the ages of 30 and 50, this is an all too familiar plight. The so-called “Sandwich Generation” is named because of the unique problem they face being effectively “sandwiched” between the twin responsibilities of caring for elderly parents and supporting young adult children. When your financial burden is tripled, where do you turn? How do you begin to start providing for your own old age when you’re still supporting others?


Fortunately, for individuals seeking help from a registered investment advisory firm (RIA), it’s possible. At HCR Wealth Advisors, the problem of supporting a family and saving for the future isn’t hard to solve. As an RIA firm servicing high net worth individuals, HCR Wealth can help members of the sandwich generation get their financial future in order. It’s not just about rearranging your finances. HCR Wealth Advisors helps establish relationships through education, trust and service. It’s important for an RIA firm to develop a strategy to help clients reach their financial goals; protect clients against risk, educate clients on investment strategy and create personalized financial strategies for “sandwich” generation members. Here are a few ways that HCR Wealth Advisors can help create a better financial future for your whole family.


Putting It Out in the Open

Before meeting with a wealth manager from HCR Wealth Advisors, there are a few things you’ll want to do to get the most out of your consultation. The first is to take a look at what you have versus what you actually need. These categories can be deceptive: While what you have in the bank, in stocks, and in savings or IRA accounts might seem straightforward, you won’t be able to create a plan for the future until you actually know what’s going on with your parents’ finances as well as how much you’ll need for your children’s continued education. If your children are already attending college or if you have a rough idea of where they’re going to apply, you can figure out how much you still need to put toward a four-year education plan out of what you’ve already saved. If your parents have a pension, are on disability, or have any money tied up in stocks or bonds, you’ll need to know about it. Once your HCR advisor has all this information, they can start to help you create a tailor-made plan to pay for your kid’s college fund, your parents’ later-in-life needs, and your own retirement.


Crafting a Plan

When you’re devising a plan that’s going to work in the long term, it’s important to use the information you already have about your saving habits, financial investments, and future income to create something that will actually be sustainable. Think about how you spend and save money and use that as a guide. For instance, if you tend to spend money that’s not locked down in an inaccessible savings account or trust, that’s valuable information to have. If you’re someone who’s been investing for a while, you might simply want to make more informed choices. When you have the numbers that you need in front of you, it will be easier to find a way to achieve your financial goals.


Using What You Have

One of the biggest stressors for members of the “Sandwich Generation” is uncertainty. Planning for children or young adults can seem straightforward. However, when it comes to the changing state of the economy and the new trend of adult children moving back in with their parents after college graduation, nothing is certain. Caring for aging parents also requires a few basic assumptions. If your parent already has a health issue that requires live-in care, you need to plan around that necessity. However, since elderly adults are living longer, it’s never clear how long you’ll have to plan for. What is certain is that you need to save for your retirement no matter what. Meeting with HCR Wealth Advisors can help you prioritize your retirement plans while staying realistic about continued care for your aging parents and any other financial setbacks that might come along.


Looking to the Future

No one knows what the future will bring. Planning for the future, however, is a necessity. This reality, however paradoxical, doesn’t have to be a problem. Consulting with HCR Wealth Advisors can help arm you with the information and tools you need to take your future into your own hands by thinking about money in a more practical, future-oriented way. The right RIA firm won’t just help you manage your money: It will help you start to think about money, your family’s future, and your financial future, in a strategic, empowered way.

For more information about HCR Wealth Advisors, connect with them on LinkedIn or visit Glassdoor for job opportunities.


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