There is a stage of life nobody really prepares you for. 

Your kids still need you. Your parents start needing you again. Somewhere in the middle, you’re supposed to keep your own life and financial future moving forward. 

Welcome to the Sandwich Generation. 

For many people in their 40s and 50s, the responsibilities can pile up quickly. There may be college tuition around the corner while an aging parent needs help managing bills. You’re saving for retirement while helping with a parent’s care. 

Often, it happens gradually. A little help with groceries becomes help with bills. Then there’s a doctor’s appointment. Eventually, someone needs to understand the insurance, investments, legal documents, and living arrangements. 

At the same time, your children aren’t getting any less expensive. The natural reaction is to help everyone. But there is an important financial rule for this stage of life: Don’t sacrifice your own financial security trying to solve every problem around you. 

That doesn’t mean you shouldn’t help. It means you need a plan for how much help you can realistically provide. 

Start by understanding your parents’ situation before there is a crisis. Where are their important documents? Who has power of attorney? What income and insurance do they have? How would they pay for care if they needed it? 

Then look at your own finances. Are you still saving enough for retirement? How much support could you provide without changing your long-term plans? 

These aren’t always comfortable conversations, but having them early is much easier than making major financial and care decisions from a hospital waiting room. 

Being caught in the middle can feel like everyone else’s needs come first. Good planning creates a little breathing room.

The goal isn’t to choose between taking care of your family and taking care of your future. It’s to build a plan that gives you room to do both. 

Investment and insurance products offered through RBC Wealth Management are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and are subject to investment risks, including possible loss of the principal amount invested. 

RBC Wealth Management, a division of RBC Capital Markets, LLC, registered investment adviser and Member NYSE/FINRA/SIPC.

Read more at rbcwealthmanagement.com.