'Sandwich generation' struggling with rising costs
PITTSBURGH (KDKA) - The conversations at dinner tables everywhere have a common theme lately: the rising cost of everything. It's a challenge at any stage of life, but for families in the so-called "sandwich generation," it's especially frustrating.
"We've never been through anything like this," said Michelle Paulina.
She and her husband David are among those in the demographic, the generation in their 40s and 50s caught in the middle of aging parents and college-bound or grown children. They are saving for their future, their kids' college education and everyday needs. They know having a plan is more important than ever.
"It (their financial plan) did really help us. I think it's just challenging," she said.
Niki Mullinix of Astyr Wealth is a registered representative with Lincoln Financial Advisors Corp. We asked her what families should be doing now in this inflated economy.
"Given the recent market volatility, many people react or feel the urge to 'do something' different," said Mulinix. "It is so much harder to stay committed to saving and investing when are you not committed to a financial plan. You may need to make adjustments to spending and assess their situation, but when you react to the market declines, it takes you off track. Those who have planned should feel confident and at peace even in challenging times. Our clients are prepared for short-term challenging times because they have planned for the long term."
"What we are seeing now is natural. It's to be expected and we try to put them in a situation where they're not reacting to it because we prepare them for it. They're prepared for the short term because they plan for the long term," said Mulinix.
Faith, family and savings got the Paulinas through a pandemic job loss, with their children learning lessons along the way.
"I think it's taught the kids how to save. They both have savings. They want to take a portion of their paychecks and save. I think it's important they watch how we handle it together, said Michelle.
The advice Mullinix has for any generation?
"Not to wait until they think they're ready. They just need to get started because every dollar they save today is going to save them so much more freedom and financial flexibility in the future," Mullinix said.
Niki Mullinix is a registered representative with Lincoln Financial Advisors Corp., Securities and Investment advisor services offered through Lincoln Financial Advisors Corp., a broker/dealer and a registered investment advisor. Astyr Wealth is the name for registered representatives of Lincoln Financial Advisors Corp.
