Many baby boomers find themselves in a rather uncomfortable financial position. Just when they were planning to arrive at the finish line of retirement, they step off course to help an aging parent, adult child, or both. While these situations are never ideal, smart boomers are coming up with creative ways to make the most of being the “sandwich generation,” for their families and their finances.
For many nearing retirement, downsizing to a smaller, easier-to-care for home is a logical next step—it can save time and money by eliminating the extra effort and expense of a family sized house that is no longer necessary. But, when it comes to retirement, one size rarely fits all.
Recently a baby boomer couple came into my office with the exact opposite plan: to move into a larger house in need of renovations. How could this possibly make sense for them? As it turned out, this sandwich generation family’s decision was not only a necessary move, but a smart one financially.
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