Sandwich Generation: Financial Planning
Building wealth and reaching financial independence is not always easy to achieve and it gets more and more difficult when you’re sandwiched.
Financial Planning on a Multigenerational Level
We often hear the term sandwich generation but what does it mean? It’s not a sandwich filling, delicacy or term for those brought up on jam and bread but instead refers to a generation of adults sandwiched between supporting ageing parents and children, who are preparing for college or still need help with establishing themselves.
Currently there are more people of pensionable age than children under the age of 16 in the UK. There are more 60 year olds than 18 year olds and these figures are only set to rise. With the right financial advice from Pearson Solicitors and Financial Advisers the retirement we hope for can be achieved.
“Planning for your financial future whilst also trying to navigate financial decisions for your parents and children should be taken seriously. The sandwich generation and their families face many challenges, most want to preserve the income they have, get good sensible pensions advice and plan for their retirement, as well as try to protect the inheritance they expect,” explains Richard Eastwood Financial Partner.
“Many people worry about the costs of long term care and want to protect the estate they have built up over many years and pass it on intact to the next generation. This is where good advice is crucial. I have clients locally who are already working towards these goals,” he said.
With over 3 million adults over the age of 80 this increasing longevity and the rising costs of social care can be a worry if adequate financial planning hasn’t taken place. In the past people may have received a healthy inheritance but more often the family home is being sold to pay care fees.
Retirement should be a time to reward yourself and your family for the many years of hard work. Whether you are preparing for retirement of have retired Pearson Solicitors and Financial Adviser are here to help to help local family make those important decisions.
“Our team includes solicitors who specialise in advising clients on inheritance tax planning, Will writing and services for older people. We also have a dedicated legal team who can challenge elements of care which should be funded and hasn’t been. They can advise on whether you have been treated fairly or if you are entitled to more financial and care support than you currently receive. It is the holistic approach that makes Pearson unique,” adds Richard.
“We pride ourselves on creating long-standing relationships with our clients and believe this is what makes us one of the most trusted independent financial advisers in the area.”
If you would like to discuss any of these issues please call us on 0161 785 3500 to make an appointment with one of our Financial Services Advisers.
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Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.