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In addition to those already doing so, findings indicate that one in five respondents expect to be providing long-term care to someone in the future. Notably however, though they are most likely to shoulder the burden of navigating these complex, overlapping financial demands, Americans aged 40-59 are less likely than any other age group to view themselves as "highly disciplined" or "disciplined" financial planners.
"Saving for retirement while maintaining a desired lifestyle is challenging enough on its own," said
Members of the Sandwich Generation tend to be in their prime working years. According to Sperka, taking time off from work to provide care could have a significant long-term impact on financial and retirement security. He recommends working with a financial professional to ensure that planning strategies incorporate a comprehensive range of solutions that are sufficiently robust and flexible to address both current and prospective needs.
"The status of a caregiver is unpredictable," continued Sperka. "Circumstances may arise or change unexpectedly therefore thinking ahead and feeling prepared for any number of scenarios is the best way to minimize the potential financial and emotional toll."
Sperka also suggests that Sandwich Generation parents consider helping younger adult children (regardless of whether they are currently supporting them) jumpstart their journey towards financial independence by introducing them to a financial advisor or resources like www.themintgrad.com, an online financial resource designed specifically for Millennials.
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Northwestern Mutual has been helping families and businesses achieve financial security for nearly 160 years. Our financial representatives build relationships with clients through a distinctive planning approach that integrates risk management with wealth accumulation, preservation and distribution. With more than
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