US News Money Features Advisor David Cichon

How the ‘Sandwich Generation’ Can Build a Better Budget

SandwhichDavid Cichon, Regional Vice President of Householder Group Estate & Retirement Specialists, comments on the “Sandwich Generation” in the May article of Us News Money

http://money.usnews.com/money May 2014

Your retirement may seem too far off to deny your parents and children resources, but you need to save today.
The “sandwich generation” is more hard-pressed than ever to support both adult children and aging parents. If you are a midlifer stuck between two generations, you are in for some tough conversations and even tougher decisions, financial advisors say, to ensure your own kids don’t inherit the same squeeze.

At least 15 percent of middle-aged adults are financially supporting both aging parents and children, according to January 2013 Pew Foundation survey of 2,511 adults throughout the country. “As they see what is going on with their parents, they are re-evaluating their own plans so that their children don’t have to do for them what they are doing for their parents,” says Steven M. Glazer, a senior financial services executive with MetLife who teaches a class on retirement roadblocks at St. Louis Community College.

The financial troubles of millennials are well-documented: Many are unemployed or underemployed, living with their parents and accepting help from their folks for gas, car insurance and cellphone bills. Meanwhile, even well-prepared senior citizens can suddenly find their medical and living expenses spiraling out of control.

When loved ones need help now, it’s easy to see how money intended for retirement gets diverted. “Most people are spending money on their parents without thinking about their own futures,” says David R. Cichon, a certified estate planner and regional vice president of Householder Group, a consortium of estate and retirement planning advisors.

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Householder Group Estate and Retirement Specialists LLC. advisors are Registered Representatives with and securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Householder Group Estate and Retirement Specialists LLC., a Registered Investment Advisor and separate entity from LPL Financial.

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