They call it the “Sandwich Generation”. A term so-lovingly used to describe a person who is feeling pinched between supporting their children and quite possibly even their grandchildren, as well as caring for their aging parents. On top of those demands, these adults in their 30s, 40s, and 50s are also trying to financially prepare for their own future. If you’re not feeling this type of pressure yet, and we know at least 32%* of state of Missouri employees are, chances are you will be someday. This is why it’s so critical that you take care of yourself physically, mentally, and financially starting now.
Creating a budget, having that uncomfortable money talk with your parents, kids, and other responsible caregivers, and estate planning are a few ways you can start preparing for this time in your life. However, a big piece that is often overlooked is continuing to save for your own retirement. If you don’t save now and continue to do so throughout your career, there’s a very high probability you’ll be putting your kids in the exact same financial dilemma you’re currently facing – trying to provide for you, the parent, and their kids, all while struggling to save for their own financial needs. The MO Deferred Comp Plan makes saving for retirement easy with automatic paycheck deductions, percent-of-pay contributions, the automatic increase tool, and a variety of investment options to choose from. If you have questions about how much you should be saving to reach a specific retirement income goal or just want some general information, do not hesitate to reach out to the MO Deferred Comp Plan.
The point I’m getting at is that people are living longer, we are starting families later, life in general is getting more expensive, and we as adults are being faced with more financial decisions and responsibilities than ever before. The only way to really deal with the financial tug from both kids and parents is to start preparing for them now. And it all starts with ensuring we are prepared for our own retirement and future first. After all, we can’t take care of anyone else unless we take care of ourselves.
To see if you’re on track to meet your retirement income needs visit www.modeferredcomp.org and use the RetiremenTrack calculator or schedule an in-person or video 1-on-1 meeting with deferred comp education specialist.
*2018 Retirement and Savings Survey
