How to balance your own needs with those of your children and aging parents.

Key Points

• Putting your own financial security first is the best way to ensure your ability to help others.
• An open and honest conversation about finances is a critical first step in helping parents.
• Set clear expectations about what support you can provide for your grown children.

Feeling pulled in different directions raising children while caring for aging parents? You’re not alone. According to a recent T. Rowe Price survey, as many as a third of parents with school-age children are facing the same challenge. Often referred to as the “sandwich generation,” they find themselves wedged between competing priorities across multiple generations. And this group is growing, so it’s possible you could find yourself in this situation in the future.  

The impacts are real

There may be direct financial impacts for those in this situation—for example, our survey found nearly a third of those caring for an aging parent or relative spend $3,000 a month or more to do so. “The reality is that your resources are limited,” says Judith Ward, CFP®, a senior financial planner with T. Rowe Price. “Remember to first focus on taking care of yourself, which will better position you to help your loved ones.”
— Read on www.troweprice.com/personal-investing/planning-and-research/t-rowe-price-insights/retirement-and-planning/personal-finance/juggling-competing-priorities.html