Source: Nichole Huff, assistant Extension professor, family finance and resource management

Approximately one in four adults simultaneously cares for someone over age 65 and raises a child under age 18, according to a 2023 report in the Journal of the American Geriatrics Society. This group is called the “sandwich generation.” With average life expectancy rates increasing, many middle-aged adults now find themselves caring for both their aging parents and their dependent children at the same time.

The sandwich generation faces normal financial pressures, such as childcare and education costs, retirement savings, health-care needs and basic living expenses. What makes this population unique is that they have co-occurring responsibilities that often draw from the same limited pool of resources (i.e., time, energy and money).

Balancing dual caregiving roles can be challenging, especially with multiple competing priorities. If you are a "sandwiched" adult, consider these tips to reduce the financial stress associated with caring for an aging loved one.

Keep budgets separate.

If you provide care for an older adult, it is important to keep their finances separate from yours if they plan to apply for assistance through government agencies.

When applying for benefits, don't hide or transfer a loved one's assets to qualify, as this can have negative legal consequences. Use your loved one's resources to pay for their expenses and keep detailed records.

Explore assistance programs.

Search for community and government assistance programs that can help with living or medical expenses, long-term care costs, meal delivery services, transportation to medical appointments and more. Additionally, research local free or low-cost senior programs, senior centers, adult day care options and caregiver support groups.

There are many useful state and national resources you can explore online:

• Medicaid at https://www.medicaid.gov/   
• Medicare at https://www.ssa.gov/medicare   
• Supplemental Security Income (SSI) at https://www.ssa.gov/ssi   
• Senior Services at https://www.hhs.gov/programs/social-services/programs-for-seniors/   
• Kentucky Department for Aging and Independent Living at https://www.chfs.ky.gov/agencies/dail/    
• National Aging in Place Council https://ageinplace.org/   

Seek caregiver support.

Dual caregiving can be exhausting. If you feel overwhelmed, remember you are not alone. Talking with a counselor, chaplain or friend can help. Also, consider meeting with a financial planner who specializes in eldercare. They can create a financial plan that balances everyone's needs.  

Caregivers may qualify for unpaid time off under the Family and Medical Leave Act (FMLA) (https://bit.ly/DOLbenefitsFMLA). FMLA allows qualifying employees to take up to 12 weeks of unpaid, job-protected leave per year to care for an immediate family member. Some employers offer paid eldercare leave options; they may permit you to use sick days or personal leave to care for loved ones, or they might offer shared leave banks for caregiving needs.

For more information about available eldercare and caregiving resources and support, contact the [COUNTY NAME] Extension office.

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