Money Secrets for the Sandwich Generation (Squeezed in the Financial Middle)
- Lays out with clarity and un-complicates many of the issues the sandwich generation faces
- Provides real-life examples of challenges for this generation along with solutions that work
- Describes steps you should take in the selection of a long-term care facility along with details on how to have “the talk” with one who needs long-term care
- Lists specific things to do to care for the older generation; to help set the younger generation on the path to independence; as well as to take care of yourself
- Discusses topics like budgeting, common money scams, reverse mortgages, long-term-care insurance, along with wealth preservation tips
Tidbits from the book
- Recent AARP survey shows 35% of baby boomers have been responsible for caring for an aging parent. With the aging of America, that trend will likely increase.
- More than I in 8 Americans are members of the sandwich generation.
- In 1990, only 25% of young adults lived with their parents. By 2000, the number had grown to 52% and continues to rise.
- Provides a roadmap to sandwich generation-ers on “Taking Care of Yourself First; ” “Taking Care of the Older Generation;” and “Taking Care of the Younger Generation.”
- Offers tips on a wide range of topics like budgeting, college funding options, student loan repayment programs, how to select a nursing home, when to start drawing Social Security, retirement secrets, calculating retirement needs, reverse mortgages, common money scams, ways to improve your finances and much more!
Money Secrets for the Sandwich Generation is a simple book written for those who are simultaneously caring for elderly parents/ grandparents on the one side and adult/minor children on the other. Many are “squeezed in the financial middle” as the two sides tug at both their heart strings and their purse strings. The purpose of the book is to help ease the bewilderment and sense of helplessness many of those traveling down this path sometimes feel by giving them guidance as they make this journey.
The book begins with a definition of the sandwich generation—who you are, where you are—and then provides a historical perspective on how you came to be along with a discussion of the outlook for the future. It has lengthy chapters on taking care of yourself first as well as how to care for the other two sides of the sandwich–the older generation and the younger generation. Retirements secrets; information on long-term caregiving; common money scams and how to avoid them; reverse mortgages; and ways to improve one’s finances are all covered in great detail in the book along with pages of useful resources that are sure to lighten the reader’s load.
The book is instructive, offers sound recommendations, along with witty advice from both Ms. Davis and her delightful, no-nonsense Mother, Mimi, to whom many of us were introduced in Davis’ book, Mimi, Money and Me—101 Realities About Money Daddy Never Taught Me but Mama Always Knew. At the beginning of each chapter, Davis asks, “What Would Mimi Say?” The answer lies in many of Mimi’s favorite sayings which we all have come to appreciate.