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Christopher R. Hibbard, ChFC®, CRPC®, CFS®
Vice President, Wealth Management
Teachers Investment Services
Located at Teachers Federal Credit Union
5439 Sunrise Highway
Holbrook, NY 11741
Phone: 631-698-7000 Ext. 6020
Email: christopher.hibbard@lpl.com
CRPC conferred by College for Financial Planning.
July/August 2024
The Sandwich Generation
First, the baby boomers were taking care of the Greatest Generation. Now, it’s the Gen X, and even millennials, who are sandwiched between caring for their parents and launching their children into adulthood. Here are reasons why these people feel financially squeezed:
The Cost. According to AARP, caregivers spend an average of $7,240 out-of-pocket yearly on routine expenses for a loved one.
More Kids Boomerang than People Think. Saving.com found that 45% of parents financially support an adult child at an average cost of $1,440 per month.
Medicare Doesn’t Cover Everything. Original Medicare hospital insurance (Part A) and medical insurance (Part B) don’t cover all your parents’ or other loved ones’ medical needs. You or your elder will need to pay out-of-pocket or buy supplemental medical insurance to help cover out-of-pocket healthcare costs and any care services and routine dental and vision care.
You May Have to Postpone Your Retirement. Too often, sandwiched people sacrifice their retirement plan contributions to help others, particularly their parents. You may reach retirement age only to find you need to keep working longer than planned to meet your support obligations and have the comfortable retirement you want.
You Might Qualify for a Tax Break. If specific IRS criteria are met, your parent or child may qualify as your dependent, which can help reduce your income tax. Ask your tax professional for details.
If you find yourself in the sandwich generation or approaching it, talk with your financial professional about handling your specific needs.
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Christopher Hibbard is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Teachers Federal Credit Union (TFCU) and Teachers Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Teachers Investment Services, and may also be employees of TFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, TFCU or Teachers Investment Services. Securities and insurance offered through LPL or its affiliates are:
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