The Sandwich Generation!

If you find your self both raising a family and looking after your parents, then you fit the category of the Sandwich Generation.

Trying to balance both child rearing and care giving adds stress to our lives. But that stress might also be compounded by not being able to manage our own retirement when it comes.

Statistics show that 48% of Canadians are concerned that saving for their children’s educations may negatively affect saving for their own retirement. Another poll suggests that caring for aging parents could also erode retirement finances.

Add the ongoing concerns about not having a workplace pension and you find that the sandwich generation will find it tough to rely on their savings to fund an enjoyable retirement.   In Canada as many as ¾ of the peopled polled did not have employer pensions. It therefore becomes urgent to make a sound plan as early in life as possible.

As many as 265 of all those surveyed noted that the employee pension plan will be there only source of income beyond government benefits at retirement.

The poll was conducted by Ipsos Reid between Oct. 24 and Nov. 27and surveyed 1,225 Canadians aged 18 to 54.

The recent recession has done nothing to make saving any easier, and with slow recover many people feel they just can’t afford to invest. Even those who have made investments can’t be sure it’s enough. People live so much longer today than in any time in history and the fear of outliving your money is real.

Now with all the somber news behind us, lets look at ways to build on savings while creating good habits.

• Make a plan.
• Think about how you want your own retirement to look.
• Look at how much you will need to generate from savings to keep enjoying your lifestyle.
• Consider setting up automatic contributions to your existing RRSPs from payroll
• Consolidate your high interest debts now and use the savings to buy a TFSA or top up your RRSPs.
• Consolidation can create “Found Money’ to add into your savings plan.

If you would like to discuss your current situation we are always here to help. We encourage your to begin your fact finding mission by calling us today!

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