The Sandwich Generation
By Sam Kaufman
Senior Partner, Agent Support Group-May 2017
The Carnegie Delicatessen in New York defined the meaning of a “Sandwich”. Anyone who has been to the Carnegie understands that it was truly a contest to devour an entire sandwich in one sitting. In fact, it was a wonder that so much could be put between two slices of bread making it impossible to fit the entire sandwich in your mouth. For many today their daily life seems to even make the Carnegie Delicatessen sandwich appear to be miniature. Many parents are finding themselves emotionally and financially squeezed between their children and their parents. If you are one of those parents you can easily relate to feeling like the corned beef that was jammed between the two pieces of rye bread at the Carnegie.
Family dynamics need to be included in every advisors discussion with his or her client to determine the multiple financial needs that the new “Sandwich Generation” is facing or dealing with on a currently. Planning for their retirement, many are also dealing with the cost of education for their children and caring for their parents. What happens if the breadwinner who is financially supporting both their immediate family and elders is lost or disabled?
What happens if the “Soccer Mom” is no longer able to run between taking the kids to after school events and providing care for aging family members? If you thought the corned beef sandwich at the Carnegie covered the plate from corner to corner, just think about those who are personally sandwiched stretching themselves both financially and personally.
As advisors we need to be sensitive to these situations while assisting in providing solutions. There is a greater need than ever to focus on the living benefits that can be provided by life insurance. Tax deferred accrual of cash value for retirement, Long Term Care Benefits and a host of new enhancements make life insurance more than simply death protection. These benefits can help the new “Sandwich Generation” plan for themselves while protecting their family both short and long term.
At Agent Support Group we are constantly designing new concepts to assist our advisors. Advisors are welcome to come in and meet to discuss these new concepts and learn how they may be helpful to you in your practices and for your clients. Look at the total picture and provide solutions.