Sandwich Generation: 78% Worried About Having Enough Money for Retirement

The recession has been tough on all Americans, but a recent survey of the “Sandwich Generation” found 78 percent of those polled are worried about having enough money to retire comfortably.  As a result, 23 percent have restructured their retirement plan in the last year due to financial reasons.

Defined as those who are responsible for supporting both their children and parents, the Sandwich Generation has been forced to make serious cuts in their spending habits to survive during the recession according to a survey data released by Generation Mortgage and Zogby International.

”The Sandwich Generation is probably the most financially vulnerable demographic to result from the recession,” said Jeff Lewis, Chairman, Generation Mortgage Company. “They are unemployed or under-employed, financially supporting two generations in their family and are saddled with debt from bills and a mortgage. As this group looks to retire, their financial situation, coupled with the state of the economy, is not leaving them with many options.”

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According to the Pew Research Center, just over 1 of every 8 Americans aged 40 to 60 is both raising a child and caring for a parent, in addition to between 7 to 10 million adults caring for their aging parents from a long distance.

Of those polled, seventy-three percent have decreased spending on entertainment, recreation or eating out. Moreover, 43 percent have decreased overall spending on food or groceries and three out of five of those polled say it is difficult to be a caregiver for their parents and/or in laws while financially supporting their children.

Even more distressing, 52 percent responded that they plan to work part time during retirement to make ends meet.

“As the Sandwich Generation looks towards retirement,” commented Lewis, “they should become educated on their available financial options. One of the financial options that is often overlooked is a reverse mortgage.”

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  • This morning, President Obama gave a town hall meeting sponsored by CNBC. As I listened to a portion of his speaking I began to understand why seniors have such a difficult time making their case to this administration. nnPresident Obama made clear that his agenda is all about securing the American Dream for “future” generations. This, he claims, is his vision and why he continues on an unpopular path. The majority of Americans are approaching retirement age at a train-wreck pace, most without adequate funding of their retirement, but he has a “vision and agenda” for future generations. nnI fear for the majority of Americans who are aging if this visionary is allowed to go unchecked. Already my mother is feeling the medicare squeeze and her pittance of SS and a small annuity of $70 a month makes little dent in the increases in her expenses. She also retired debt free as the Schwab survey indicates the majority of boomers expect to retire debt free. But time and roof expenses and car repairs and rising costs of gas, food, utilities and medicine have eaten away her resources as they will those of seniors now retiring, and that good old stand-by, the reverse mortgage, is being legislated into non-existence. What will those future seniors have to fall back on? We as a nation are removing all of the props supporting our senior population and we will face a bleak future when we arrive at their age.nnOh well, enough doom and gloom for a Monday.nn

  • This morning, President Obama gave a town hall meeting sponsored by CNBC. As I listened to a portion of his speaking I began to understand why seniors have such a difficult time making their case to this administration. nnPresident Obama made clear that his agenda is all about securing the American Dream for “future” generations. This, he claims, is his vision and why he continues on an unpopular path. The majority of Americans are approaching retirement age at a train-wreck pace, most without adequate funding of their retirement, but he has a “vision and agenda” for future generations. nnI fear for the majority of Americans who are aging if this visionary is allowed to go unchecked. Already my mother is feeling the medicare squeeze and her pittance of SS and a small annuity of $70 a month makes little dent in the increases in her expenses. She also retired debt free as the Schwab survey indicates the majority of boomers expect to retire debt free. But time and roof expenses and car repairs and rising costs of gas, food, utilities and medicine have eaten away her resources as they will those of seniors now retiring, and that good old stand-by, the reverse mortgage, is being legislated into non-existence. What will those future seniors have to fall back on? We as a nation are removing all of the props supporting our senior population and we will face a bleak future when we arrive at their age.nnOh well, enough doom and gloom for a Monday.nn

  • This morning, President Obama gave a town hall meeting sponsored by CNBC. As I listened to a portion of his speaking I began to understand why seniors have such a difficult time making their case to this administration. nnPresident Obama made clear that his agenda is all about securing the American Dream for “future” generations. This, he claims, is his vision and why he continues on an unpopular path. The majority of Americans are approaching retirement age at a train-wreck pace, most without adequate funding of their retirement, but he has a “vision and agenda” for future generations. nnI fear for the majority of Americans who are aging if this visionary is allowed to go unchecked. Already my mother is feeling the medicare squeeze and her pittance of SS and a small annuity of $70 a month makes little dent in the increases in her expenses. She also retired debt free as the Schwab survey indicates the majority of boomers expect to retire debt free. But time and roof expenses and car repairs and rising costs of gas, food, utilities and medicine have eaten away her resources as they will those of seniors now retiring, and that good old stand-by, the reverse mortgage, is being legislated into non-existence. What will those future seniors have to fall back on? We as a nation are removing all of the props supporting our senior population and we will face a bleak future when we arrive at their age.nnOh well, enough doom and gloom for a Monday.nn

  • This morning, President Obama gave a town hall meeting sponsored by CNBC. As I listened to a portion of his speaking I began to understand why seniors have such a difficult time making their case to this administration. nnPresident Obama made clear that his agenda is all about securing the American Dream for “future” generations. This, he claims, is his vision and why he continues on an unpopular path. The majority of Americans are approaching retirement age at a train-wreck pace, most without adequate funding of their retirement, but he has a “vision and agenda” for future generations. nnI fear for the majority of Americans who are aging if this visionary is allowed to go unchecked. Already my mother is feeling the medicare squeeze and her pittance of SS and a small annuity of $70 a month makes little dent in the increases in her expenses. She also retired debt free as the Schwab survey indicates the majority of boomers expect to retire debt free. But time and roof expenses and car repairs and rising costs of gas, food, utilities and medicine have eaten away her resources as they will those of seniors now retiring, and that good old stand-by, the reverse mortgage, is being legislated into non-existence. What will those future seniors have to fall back on? We as a nation are removing all of the props supporting our senior population and we will face a bleak future when we arrive at their age.nnOh well, enough doom and gloom for a Monday.nn

  • This morning, President Obama gave a town hall meeting sponsored by CNBC. As I listened to a portion of his speaking I began to understand why seniors have such a difficult time making their case to this administration. nnPresident Obama made clear that his agenda is all about securing the American Dream for “future” generations. This, he claims, is his vision and why he continues on an unpopular path. The majority of Americans are approaching retirement age at a train-wreck pace, most without adequate funding of their retirement, but he has a “vision and agenda” for future generations. nnI fear for the majority of Americans who are aging if this visionary is allowed to go unchecked. Already my mother is feeling the medicare squeeze and her pittance of SS and a small annuity of $70 a month makes little dent in the increases in her expenses. She also retired debt free as the Schwab survey indicates the majority of boomers expect to retire debt free. But time and roof expenses and car repairs and rising costs of gas, food, utilities and medicine have eaten away her resources as they will those of seniors now retiring, and that good old stand-by, the reverse mortgage, is being legislated into non-existence. What will those future seniors have to fall back on? We as a nation are removing all of the props supporting our senior population and we will face a bleak future when we arrive at their age.nnOh well, enough doom and gloom for a Monday.nn

  • This morning, President Obama gave a town hall meeting sponsored by CNBC. As I listened to a portion of his speaking I began to understand why seniors have such a difficult time making their case to this administration. nnPresident Obama made clear that his agenda is all about securing the American Dream for “future” generations. This, he claims, is his vision and why he continues on an unpopular path. The majority of Americans are approaching retirement age at a train-wreck pace, most without adequate funding of their retirement, but he has a “vision and agenda” for future generations. nnI fear for the majority of Americans who are aging if this visionary is allowed to go unchecked. Already my mother is feeling the medicare squeeze and her pittance of SS and a small annuity of $70 a month makes little dent in the increases in her expenses. She also retired debt free as the Schwab survey indicates the majority of boomers expect to retire debt free. But time and roof expenses and car repairs and rising costs of gas, food, utilities and medicine have eaten away her resources as they will those of seniors now retiring, and that good old stand-by, the reverse mortgage, is being legislated into non-existence. What will those future seniors have to fall back on? We as a nation are removing all of the props supporting our senior population and we will face a bleak future when we arrive at their age.nnOh well, enough doom and gloom for a Monday.nn

  • This morning, President Obama gave a town hall meeting sponsored by CNBC. As I listened to a portion of his speaking I began to understand why seniors have such a difficult time making their case to this administration. nnPresident Obama made clear that his agenda is all about securing the American Dream for “future” generations. This, he claims, is his vision and why he continues on an unpopular path. The majority of Americans are approaching retirement age at a train-wreck pace, most without adequate funding of their retirement, but he has a “vision and agenda” for future generations. nnI fear for the majority of Americans who are aging if this visionary is allowed to go unchecked. Already my mother is feeling the medicare squeeze and her pittance of SS and a small annuity of $70 a month makes little dent in the increases in her expenses. She also retired debt free as the Schwab survey indicates the majority of boomers expect to retire debt free. But time and roof expenses and car repairs and rising costs of gas, food, utilities and medicine have eaten away her resources as they will those of seniors now retiring, and that good old stand-by, the reverse mortgage, is being legislated into non-existence. What will those future seniors have to fall back on? We as a nation are removing all of the props supporting our senior population and we will face a bleak future when we arrive at their age.nnOh well, enough doom and gloom for a Monday.nn

  • This morning, President Obama gave a town hall meeting sponsored by CNBC. As I listened to a portion of his speaking I began to understand why seniors have such a difficult time making their case to this administration. nnPresident Obama made clear that his agenda is all about securing the American Dream for “future” generations. This, he claims, is his vision and why he continues on an unpopular path. The majority of Americans are approaching retirement age at a train-wreck pace, most without adequate funding of their retirement, but he has a “vision and agenda” for future generations. nnI fear for the majority of Americans who are aging if this visionary is allowed to go unchecked. Already my mother is feeling the medicare squeeze and her pittance of SS and a small annuity of $70 a month makes little dent in the increases in her expenses. She also retired debt free as the Schwab survey indicates the majority of boomers expect to retire debt free. But time and roof expenses and car repairs and rising costs of gas, food, utilities and medicine have eaten away her resources as they will those of seniors now retiring, and that good old stand-by, the reverse mortgage, is being legislated into non-existence. What will those future seniors have to fall back on? We as a nation are removing all of the props supporting our senior population and we will face a bleak future when we arrive at their age.nnOh well, enough doom and gloom for a Monday.nn

  • This morning, President Obama gave a town hall meeting sponsored by CNBC. As I listened to a portion of his speaking I began to understand why seniors have such a difficult time making their case to this administration. nnPresident Obama made clear that his agenda is all about securing the American Dream for “future” generations. This, he claims, is his vision and why he continues on an unpopular path. The majority of Americans are approaching retirement age at a train-wreck pace, most without adequate funding of their retirement, but he has a “vision and agenda” for future generations. nnI fear for the majority of Americans who are aging if this visionary is allowed to go unchecked. Already my mother is feeling the medicare squeeze and her pittance of SS and a small annuity of $70 a month makes little dent in the increases in her expenses. She also retired debt free as the Schwab survey indicates the majority of boomers expect to retire debt free. But time and roof expenses and car repairs and rising costs of gas, food, utilities and medicine have eaten away her resources as they will those of seniors now retiring, and that good old stand-by, the reverse mortgage, is being legislated into non-existence. What will those future seniors have to fall back on? We as a nation are removing all of the props supporting our senior population and we will face a bleak future when we arrive at their age.nnOh well, enough doom and gloom for a Monday.nn

  • This morning, President Obama gave a town hall meeting sponsored by CNBC. As I listened to a portion of his speaking I began to understand why seniors have such a difficult time making their case to this administration. nnPresident Obama made clear that his agenda is all about securing the American Dream for “future” generations. This, he claims, is his vision and why he continues on an unpopular path. The majority of Americans are approaching retirement age at a train-wreck pace, most without adequate funding of their retirement, but he has a “vision and agenda” for future generations. nnI fear for the majority of Americans who are aging if this visionary is allowed to go unchecked. Already my mother is feeling the medicare squeeze and her pittance of SS and a small annuity of $70 a month makes little dent in the increases in her expenses. She also retired debt free as the Schwab survey indicates the majority of boomers expect to retire debt free. But time and roof expenses and car repairs and rising costs of gas, food, utilities and medicine have eaten away her resources as they will those of seniors now retiring, and that good old stand-by, the reverse mortgage, is being legislated into non-existence. What will those future seniors have to fall back on? We as a nation are removing all of the props supporting our senior population and we will face a bleak future when we arrive at their age.nnOh well, enough doom and gloom for a Monday.nn

  • This morning, President Obama gave a town hall meeting sponsored by CNBC. As I listened to a portion of his speaking I began to understand why seniors have such a difficult time making their case to this administration. nnPresident Obama made clear that his agenda is all about securing the American Dream for “future” generations. This, he claims, is his vision and why he continues on an unpopular path. The majority of Americans are approaching retirement age at a train-wreck pace, most without adequate funding of their retirement, but he has a “vision and agenda” for future generations. nnI fear for the majority of Americans who are aging if this visionary is allowed to go unchecked. Already my mother is feeling the medicare squeeze and her pittance of SS and a small annuity of $70 a month makes little dent in the increases in her expenses. She also retired debt free as the Schwab survey indicates the majority of boomers expect to retire debt free. But time and roof expenses and car repairs and rising costs of gas, food, utilities and medicine have eaten away her resources as they will those of seniors now retiring, and that good old stand-by, the reverse mortgage, is being legislated into non-existence. What will those future seniors have to fall back on? We as a nation are removing all of the props supporting our senior population and we will face a bleak future when we arrive at their age.nnOh well, enough doom and gloom for a Monday.nn

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