Marietta Area Chamber of Commerce

Page 6 Marie a Area Chamber of Commerce Sponsored Advertisement Six Priori es for the Sandwich Genera on The "Sandwich Genera on"—adults caring for aging parents as well as chil- dren—faces several stressful challeng- es that come from trying to juggle everyone's needs. One of those top stressors: finances, such as how to cover educa on and health care costs and s ll save enough for re rement. The demands o en compete with one another—which is why se ng clear priori es is so important. Here are six ps for se ng those pri- ori es to help you deliver the support your loved ones need—without shortchanging yourself. 1. Take care of your future first. Saving enough for re rement should be your top priority. You have to take care of your needs before you help your par- ents and your children. 2. Create or update your investment plan. Create an investment plan that will help you balance your financial goals with the needs of your children and parents. Review your budget, analyze your expenses, and set sav- ings targets to help you priori ze planning for an upcoming expense, such as college costs or long-term care for your parents. 3. Review your insurance coverage. Protec ng your income is always a good idea, but it's even more im- portant when you have two genera- ons depending on you. Make sure you have enough life insurance in case something happens to you to pay off your mortgage and other debt, and to help cover the future living expenses of your dependents. And don't forget disability insurance: More than a quarter of today's 20- year-olds will become disabled before they re re, according to the Council for Disability Awareness.* 4. Check in on your parents' financial health. Though it might seem awk- ward, talk to your parents about their wishes for the future and their finan- cial health. What financial assets and expenses do they have? How do they plan to meet their financial obliga- ons? Do they have a plan to cover the costs of long-term care? This con- versa on can help you determine how much financial support you will need to provide. Also, make sure your parents have done adequate estate planning, and ask for copies of their will or trust, durable power of a orney, healthcare power of a orney, and advance healthcare direc ve. Make sure your own estate-planning documents are complete and updated as well. 5. Consider reducing financial support for grown children. Many parents s ll help their grown children with their finances—some mes even to their detriment. Many young Baby Boomers are s ll paying their kids' expenses, cell phone bill, or car insurance. If this Members of the Advisory Team Front Row left to right: Rob Blasczyk, Chris Hall, Managing Principal, Brett Bronski Back Row left to right: Zane Eschbaugh, Rob Beardmore, Jeremiah Kuhn, Kevin Knabb This adver sement was wri en by Wells Fargo Advisors Financial Network and provided to you by Chris Hall, Managing Principal. Investments in securi es and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker -dealer and non-bank affiliate of Wells Fargo & Company. © 2019 Wells Fargo Clearing Services, LLC. All rights reserved. CAR-0419-05037. is the case for you, talk with your children about the steps they can take to start becoming more finan- cially independent. 6. Look for ways to help reduce your taxes. In some cases, you may be able to claim your aging parents as dependents. Also check with a tax advisor to see if their medical ex- penses qualify as a tax deduc on. Another way that may benefit your financial bo om line is to set up a 529 Plan for your children's educa- on expenses. * h ps://disabilitycanhappen.org/overview/ Wells Fargo Advisors is not a tax or legal advisor. All inves ng involves risk, including loss of principal. Please consider the investment objec ves, risks, charges and expenses carefully before inves ng in a 529 savings plan. The official statement, which contains this and other informa on, can be ob- tained by calling your financial advisor. Read it carefully before you invest. Hall Financial Advisors, LLC 1101 Rosemar Road, Suite A, Parkersburg, WV 26105 416 Hart Street, Suite A, Marietta, OH 45750 TOLL-FREE: (866) 865-4442

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