Building Generational Wealth
If you’re currently a member of the sandwich generation, are you feeling an increased level of financial and emotional stress? If so, know that you aren’t alone. Having the responsibility of caring for and financially supporting yourself, your spouse, your kids, and your parents can potentially be very overwhelming depending on your situation. It’s important to take a multigenerational outlook on financial planning and understand strategies that may be helpful with building generational wealth.
People Are Living Longer
The sandwich generation is only expected to keep growing because people are living longer. According to the World Health Organization, the number of people 60 or older worldwide is projected to increase from 1 billion in 2020 to 1.4 billion by 2030.2 And by 2050, that number is projected to jump to 2.1 billion.
Think about that for a minute. The number of people 60 or older is projected to more than double over a 30-year period. …