The majority of baby boomers in the United States today find that they are part of what is called The Sandwich Generation. These are adults who are still supporting their young adult children but who are also starting to take on the responsibility of supporting their elderly parents. This financial burden puts a big crunch on the sandwich generation, a fact which is terrifying since this generation is on the verge of entering retirement.
Before these people start to retire, they need to make sure that they have gained some financial stability. To do that, they need to pay off their debt. This means taking a good hard look at where the money is going and working out a debt solution that is going to last them for the rest of their lives.
The first thing that this generation needs to do is to look at what kind of help can be offered by the people they are supporting. Elderly parents may cost an arm and a leg in care but perhaps they could contribute by selling their own homes to pay some of the bills. Young adult children may want to be supported during college but there’s no reason that they can’t go out and get a part-time job. With everyone pitching in, the debt can be eliminated.
