The 17 million ‘sandwich’ generation
Although the sandwich generation earns more than other age brackets, it tends to have less capacity to save. Life may be said to begin at 40, but it also appears to be the age at which our financial burdens are at their heaviest. However, it’s important to remember that some people aged 45 to 54 could be facing no more than 15 more years of employment before they’re hoping to retire, so it’s vital to keep track of how your pension pot is doing, and save as much as possible to ensure a comfortable retirement.
Many parents of this age are facing the prospects of their children going to university and needing help with the fees, or older children wanting money for a deposit for a first home. Whilst many are hoping that their own parents will leave them a reasonable inheritance, with life expectancy increasing and care costs rising year on year, this is by no means a foregone conclusion.
Finding yourself squeezed in this way, having to juggle work and caring responsibilities can be stressful. There can be many calls on both your time and your cash, so it’s important not to lose sight of your own future financial security.
A financial review will help you plan your finances and think about your retirement. There are many tax-efficient ways to save and invest for a secure financial future, so if you’d like some advice, get in touch today.