Skimm Money: Fake Productivity, The Sandwich Generation, and Rate Hikes

Some millennials are responsible for caring for both their aging parents and their young children while *also* saving up for their retirement. For insight into how the so-called sandwich generation can financially do it all, we spoke to Nia Gillett, a certified financial planner at Gen Y Planning.

How can millennials afford to support their aging parents while also raising their children?

Have a discussion with your parents, and get an understanding of their financial stability. Do they have enough to support themselves in retirement? Where do they want to live? On their own, with you, or at a care facility? I’ve had clients who support their parents by paying their bills, by living close to them, or by buying a larger home so their parents can stay with them.

What can millennials do to save for retirement while they navigate these other financial obligations?

Start saving ASAP. Even if it’s just $25 a week. You might be eligible for the Saver’s Credit if your income is lower. So, depending on your income level and filing status, you could put $2,000 into an IRA and get $1,000 back as a tax credit. Take advantage of employer matches, too, and as you get closer to retirement, increase your contribution amount.

What tips do you have for millennials who want to manage their money smarter?

1. Find guidance. Look to family members and professionals like accountants and advisors. The more you understand, the easier it will be to navigate your finances. 

2. Do what you can. Start with small contributions. As you grow in your career, you can increase your savings.

3. Don’t be afraid of making mistakes. Maybe you started with a traditional IRA when a Roth would have been more beneficial. Either way, you started saving for retirement. Don’t let the fear of doing something incorrectly prevent you from taking action.

Answers have been edited and condensed for clarity.

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