The Sandwich Technology: Ideas from the Center
by Tim Melia, Embolden Monetary Planning
Good day, my identify is Tim. I’m in my forties. I’m fortunately married with youngsters. 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!
For those who haven’t heard the phrase “sandwich technology,” let me begin with just a little background. This phrase was coined by two ladies, Dorothy Miller and Elaine Brody, in 1981, and refers to a bunch of people who’re concurrently caring for each their getting old mother and father and their younger youngsters. The Pew Analysis Middle profiles the sandwich technology as adults “who’ve a dwelling father or mother age 65 or older and are both elevating a baby underneath the age of 18 or supporting a grown little one.” Usually, it consists of 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: “Good day, 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 Mother and father
- Our Children
- Ourselves
- Communication with Mother and father
- 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 searching for solutions on why midlife felt so merciless and unforgiving throughout a tough stretch in my life.
My father had just lately handed away unexpectedly, and my father-in-law was identified with an incurable mind tumor across the identical time. I used to be navigating a worrying job state of affairs, as my firm was going through a needed reorganization because of modifications in our senior management and the trade at massive.
My youngsters had been eight and 10 years previous on the time. I wanted to be emotionally current for them, however I used to be attempting to navigate my grief and stress on high of the monetary pressures given the uncertainty that my firm was going through. I wanted to be robust 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 just 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 couple of years faraway from this tough section, 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 convey me.
The thought of the Happiness Curve is that our lifetime happiness is formed like a U curve. We’re typically comfortable in childhood and our younger grownup years as we’re bold, energetic and optimistic (and let’s face it, a bit naïve). We then undergo a protracted interval of declining happiness in our 30’s and our 40’s as emotional and monetary pressures mount. That is typically because of the juggling act of busy work schedules, elevating youngsters and caring for getting old mother and father. As well as, as we hit our 40’s, we might really feel remorse for issues in life we didn’t obtain, in addition to disappointment once we examine ourselves to others who seem extra profitable, wealthier and happier. Social media solely provides an additional kick to the non-public elements.
Persevering with Care Retirement Communities (CCRC) Can Be Tax-Deductible! Discover Out How To Save on Taxes
by Quentara Costa, POWWOW
A lot 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, also called CCRCs. A CCRC differs from conventional retirement communities a handful of the way.
- 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 dwelling and reminiscence care, however typically supply rehab and expert care companies on campus as properly.
- They typically have a big “buy-in*” which for some can instantly decide the affordability of this feature. The phrases of the buy-in differ between every group.
- Since you’re “buying-in” you often have the chance to customise your residence by selecting most well-liked flooring, paint shade, countertop, window therapies, and extra previous to move-in (this considerably is dependent upon your willingness to pay additional and the situation of current supplies).
*Many individuals seek advice from the upfront charge as a buy-in, however it’s additionally described as an entry charge or deposit. You’re actually leasing the unit, not shopping for it, which is why I’m quoting the phrase. Usually, if any refund is due it’s based mostly 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. You could 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 ultimately ship and cost for care. And that is the primary willpower for tax-deductibility. The second willpower is said to your personal monetary circumstances.
Second Opinions: When To Name a Physician vs a Medical Advocate
by Quentara Costa, POWWOW
I am questioning my prognosis and remedy choices…
You might have just lately acquired a prognosis or remedy choice that’s conserving you up at evening. Earlier than panicking, possibly the following greatest step is getting a second opinion or hunt down the opinion of a specialist.
Causes for a second opinion embody, however will not be restricted to:
- Therapy proposal was positioned as commonplace however usually ineffective.
- Therapy proposal is innovative however dangerous. A bit past your consolation zone.
- Therapy proposal is dear and never coated by insurance coverage.
- Prognosis is severe however considerably unsubstantiated, it’s a “greatest guess.”
- Prognosis is severe however signs may be attributed to different points.
- Prognosis appears appropriate however there a many alternative faculties of thought for remedy.
For my part these kinds of questions warrant a physician’s second opinion, and there are a couple 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 seek advice from somebody too like-minded. However you might be clear that you just’re searching for docs which have a special method if that’s what you’re searching for. The second is to work by way of insurance coverage, buddies, or networks to seek out properly revered and coated docs inside the discipline. The third, if financially possible, is to rent a concierge physician to totally assessment your medical historical past and develop a strategic plan on how one can transfer ahead. That is all completely cheap, particularly when attempting to agency up a prognosis or pursuing identified remedy choices that your preliminary physician isn’t recommending. Usually talking, I discover this total state of affairs the best way my youthful purchasers (and self) suppose as a result of well being scares are typically preventative, non-life threatening, or pretty routine.
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