Eden Prairie, MN

Recently, we discussed the struggles of the sandwich generation, folks who are taking care of their aging parents while still raising children. This time, we’d like to focus on adult children who are leaving the nest or otherwise need your help getting launched. Supporting your children financially is about more than giving them money. They will probably need some of that, but they also need your wisdom and encouragement.

You might be reaching the age where your parents are going to be depending on you to provide some level of care. For many of you, this is compounded by the need to provide for children of your own. There’s even a name for it, the “sandwich generation”. But really, it’s more like the “pulled apart” generation. Whether it’s supporting kids in college or providing long-term care for a parent, it can seem like you are being torn in different directions.

Now, we are sure that you spent your extra free time during the pandemic organizing your finances. After all, you’ve likely been at home, with all those papers just staring back at you. You probably got right on it after you finished your second novel. What, you didn’t? Join the club. But before the real world beckons, here are some steps you will want to take to get your finances organized this spring.

Social Security. You know it’s coming. You know you’ll want it. For many Americans, Social Security will comprise the majority of their retirement income. So how much will you get? Many are surprised to learn that it’s up to them. When to begin taking Social Security is one of the most crucial decisions you will make in retirement.