The Sandwich Generation Dilemma: Balancing Financial Priorities

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• Sharp Asset Management Inc.

• The Sandwich Generation Caught Between Two Needs

• 416-722-9009

• contact_at_sharpasset.com

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• Who Are the Sandwich Generation?

• It refers to adults who are financially or
  emotionally responsible for caring for both their
  aging parents and their dependent children.
• These can be single parents, couples, or even
  grandparents raising their grandchildren.
• The term was first coined by Dorothy Miller and
  Rosalyn Wyatt in their 1981 book "The Sandwich
  Generation."
• At that time, the middle generation in the
  sandwich was Baby Boomers. Today, the term has
  shifted to encompass Generation Xers.

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• The Financial Strain of Dual Caregiving

• Increased Expenses
• Juggling Kids Care Daycare, after-school
  programs, and activities add up, especially when
  caring for a senior loved one.
• Healthcare Costs Medical care, medications, and
  in-home care can strain your budget.
• Home Makeover Modifications like ramps or grab
  bars to make your home safe can be an unexpected
  expense.
• Senior Support Assisted living facilities can be
  costly, impacting your long-term financial plans.

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• The Financial Strain of Dual Caregiving

• Reduced Income
• Work-Life Woes Cutting back hours or taking
  leave to care for someone can put a dent in your
  income.
• Career Crossroads Caregiving can limit career
  advancement opportunities, affecting future
  earnings.

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• How to Navigate Caregiving Responsibilities

• Budgeting Create a detailed budget for all
  household expenses, including caregiving costs.
  Identify areas and reduce expenses.
• Invest in Life Insurance Provides financial
  security for loved ones after you're gone.
• Long-Term Care Insurance Covers costs like
  nursing homes, hence shielding your savings for
  caregiving.
• RESP Save for your child's education with tax
  advantages and government grants.

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• How to Navigate Caregiving Responsibilities

• RRSP Tax Planning Reduce taxable income to
  potentially qualify for more government benefits
  and save more for retirement.
• Emergency fund Establish an emergency fund to
  cover unexpected expenses or compensate for lost
  income due to caregiving responsibilities.
• Saving for Retirement Don't neglect your own
  retirement savings plan. Consider flexible
  options to accommodate your situation.

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• Government Support for Caregivers

• Canada Child Benefit (CCB) Helps with childcare
  costs for families with kids under 18.
• Old Age Security (OAS) Guaranteed Income
  Supplement (GIS) Provides income support for
  low-income seniors, potentially easing your
  burden.
• Employment Insurance (EI) Caregiving Benefits
  Offers financial aid when you need time off work
  to care for someone.
• Disability Tax Credit (DTC) Disability
  Insurance Lowers tax burden and provides income
  replacement for disabled parents.

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• Contact us

• 21 Greenwin Village Road, Toronto, Ontario, M2R
  2R9

• P.O BOX 74539 Humbertown Centre,
• 270 The Kingsway Toronto, ON M9A 5E2

• 416-722-9009

• contact_at_sharpasset.com

• www.sharpasset.com

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• Thank you