HCR Wealth Advisors was founded in 1988. This firm provides wealth management services and develops personalized strategies to help clients achieve their financial goals. HCR Wealth Advisors understands that every generation and every individual has their own specific needs.
The Sandwich Generation Defined
A lot of people in their late 30s to early 50s are stuck having to be financially responsible for their aging parents and their college-aged children, while still having to plan for their own retirement. With increases in the cost of education and health care, it can be hard to not be stressed about finances.
Your retirement needs to come first
Making sure you are taken care of should be a priority for you. It is important to regularly contribute to your retirement plan, especially if your employer provides matching contributions. You should avoid withdrawing money from your retirement accounts until you actually retire.
Save for college
The cost of college continues to rise. If you do not have a college savings plan for your child, think about creating one as soon as possible. It is never too early to start saving for college these days. College loans are the main reason why kids might move back home after graduating.
Your parents’ finances and healthcare
What is the status of your parent’s finances? Are they in huge debt or are their finances in good shape? Also, what type of health care do they have? Do they have insurance that covers long-term care or any of their other needs? Answering these questions will allow you to create a plan that will help them live life to its fullest.
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