The Sandwich Technology: Ideas from the Center
by Tim Melia, Embolden Monetary Planning
Hey, my identify is Tim. I’m in my forties. I’m fortunately married with children. My mother is a widow in her eighties, and my in-laws are of their seventies. My spouse and I are bona fide members of the sandwich technology!
In case you haven’t heard the phrase “sandwich technology,” let me begin with a bit background. This phrase was coined by two girls, Dorothy Miller and Elaine Brody, in 1981, and refers to a gaggle of people who’re concurrently caring for each their ageing mother and father and their younger kids. The Pew Analysis Middle profiles the sandwich technology as adults “who’ve a residing father or mother age 65 or older and are both elevating a baby beneath the age of 18 or supporting a grown baby.” Usually, it contains adults of their 40s or 50s.
Technology X, born between 1965 and 1980, is absolutely certified to name itself the sandwich technology. Please welcome Technology Y, aka the Millennials, who’re simply becoming a member of us, having been born beginning in 1981.
Say it collectively now: “Hey, our identify is Technology X and Y, and we’re within the sandwich technology.”
The monetary challenges Generations X and Millennials face from the center of the sandwich are many. In my very own life, my spouse and I are coping with questions and issues relating to:
- Our Dad and mom
- Our Children
- Ourselves
- Communication with Dad and mom
- Communication with Children
- Communication with Spouses and Companions
The Happiness Curve, Sandwich Blues and Alignment
by Mike Davidoff, MND Wealth Administration
Probably the most vital books that I learn in my early 40’s was Jonathan Rauch’s “The Happiness Curve: Why Life Will get Higher After Midlife.”¹ I used to be on the lookout for solutions on why midlife felt so merciless and unforgiving throughout a troublesome stretch in my life.
My father had just lately handed away unexpectedly, and my father-in-law was recognized with an incurable mind tumor across the similar time. I used to be navigating a traumatic job scenario, as my firm was going through a crucial reorganization on account of adjustments in our senior management and the trade at giant.
My children have been eight and 10 years outdated on the time. I wanted to be emotionally current for them, however I used to be making an attempt to navigate my grief and stress on prime of the monetary pressures given the uncertainty that my firm was going through. I wanted to be sturdy for my spouse who was grieving her personal father’s sickness, and for my mom who was now a widow. It was a heavy interval.
My story isn’t distinctive to most of us within the Sandwich Technology; it simply occurred to me in a condensed time frame. Now that I’m a number of years faraway from this troublesome part, I’ve gained important life expertise and perspective. I really feel that I’m stronger, wiser and battle examined for the inevitable future challenges that life will carry me.
The concept of the Happiness Curve is that our lifetime happiness is formed like a U curve. We’re typically pleased in childhood and our younger grownup years as we’re formidable, energetic and optimistic (and let’s face it, a bit naïve). We then undergo an extended interval of declining happiness in our 30’s and our 40’s as emotional and monetary pressures mount. That is typically as a result of juggling act of busy work schedules, elevating children and caring for ageing mother and father. As well as, as we hit our 40’s, we could really feel remorse for issues in life we didn’t obtain, in addition to disappointment after we evaluate ourselves to others who seem extra profitable, wealthier and happier. Social media solely provides an additional kick to the personal components.
Persevering with Care Retirement Communities (CCRC) Can Be Tax-Deductible! Discover Out How To Save on Taxes
by Quentara Costa, POWWOW
Lots of my elder care plans are associated to selecting the best retirement group. And a few of these communities are persevering with care retirement communities, often known as CCRCs. A CCRC differs from conventional retirement communities a handful of how.
- They are typically on a bigger campus-like setting.
- Residents typically take pleasure in extra membership and journey choices, in addition to facilities (like a pool).
- They aim unbiased seniors who don’t instantly want elder-care companies.
- As soon as care is required, they not solely have assisted residing and reminiscence care, however typically supply rehab and expert care companies on campus as nicely.
- They typically have a big “buy-in*” which for some can instantly decide the affordability of this feature. The phrases of the buy-in fluctuate between every group.
- Since you’re “buying-in” you often have the chance to customise your condominium by selecting most well-liked flooring, paint coloration, countertop, window therapies, and extra previous to move-in (this considerably depends upon your willingness to pay further and the situation of current supplies).
*Many individuals check with the upfront payment as a buy-in, but it surely’s additionally described as an entry payment or deposit. You’re actually leasing the unit, not shopping for it, which is why I’m quoting the phrase. Typically, if any refund is due it’s primarily based on what was paid in, not it’s eventual worth. The timing of any refund could also be delayed till the unit is absolutely vacated and leased to a brand new resident.
Now that we’ve coated what a CCRC is, I’m going to debate the way you could possibly save a bit on taxes if contemplating this model of group. It’s possible you’ll doubtlessly be capable of deduct a portion of the preliminary buy-in and ongoing lease.
I’ve checked out many CCRCs regionally and all through the nation. Whereas they’re roughly the identical as described above, all of them differ a bit in how they finally ship and cost for care. And that is the primary willpower for tax-deductibility. The second willpower is said to your individual monetary circumstances.
Second Opinions: When To Name a Physician vs a Medical Advocate
by Quentara Costa, POWWOW
I am questioning my analysis and therapy choices…
You could have just lately acquired a analysis or therapy possibility that’s preserving you up at night time. Earlier than panicking, possibly the following greatest step is getting a second opinion or search out the opinion of a specialist.
Causes for a second opinion embrace, however aren’t restricted to:
- Therapy proposal was positioned as commonplace however sometimes ineffective.
- Therapy proposal is leading edge however dangerous. A bit past your consolation zone.
- Therapy proposal is pricey and never coated by insurance coverage.
- Analysis is critical however considerably unsubstantiated, it’s a “greatest guess.”
- Analysis is critical however signs could be attributed to different points.
- Analysis appears right however there a many alternative colleges of thought for therapy.
In my view most of these questions warrant a physician’s second opinion, and there are a number of avenues to realize this…
First is solely asking your physician for a advice to obtain a second opinion. Your physician *ought to* welcome the thought of a second opinion to verify their findings. My concern, personally, can be they check with somebody too like-minded. However you could possibly be clear that you just’re on the lookout for medical doctors which have a distinct strategy if that’s what you’re searching for. The second is to work by insurance coverage, pals, or networks to search out nicely revered and coated medical doctors inside the area. The third, if financially possible, is to rent a concierge physician to totally evaluate your medical historical past and develop a strategic plan on transfer ahead. That is all completely cheap, particularly when making an attempt to agency up a analysis or pursuing identified therapy choices that your preliminary physician isn’t recommending. Typically talking, I discover this general state of affairs the way in which my youthful shoppers (and self) suppose as a result of well being scares are typically preventative, non-life threatening, or pretty routine.
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