Your career is in full stride, but you may find yourself "sandwiched" between providing for your children and your aging parents while still trying to build your retirement savings.

Full House Tips

Finding a balance among these competing responsibilities requires strategic planning to keep all your goals on track.

If the money you’ve saved in a 529 College Savings Plan or in an Education Savings Account doesn’t fully cover your children’s college education, consider various forms of financial aid, grants, and scholarships.

Discuss your parents' estate planning and financial needs with them - our estate planning center can help. Will your parents be able to take care of themselves? Do they have an estate plan in place? Knowing your parents’ situation will help you better assess your own financial needs.

Think about long-term health care choices both for your parents and yourself. Are you or your parents prepared to pay for a nursing home or home health care? These costs aren’t covered by Medicare, so look at insurance options that can provide better choices.

It is possible that you could spend 30 years in retirement. That’s why it’s essential for you to continue contributing to your retirement plan despite other obligations. If possible, you may want to consider allocating additional funds to your retirement accounts in the form of “catch-up” contributions if you are age 50 or older.

At this point, you may find that you have different goals that you want to reach at different times.


Chart This chart can help identify portfolios that may be appropriate for different time horizons.