The Sandwich Generation faces unique financial and emotional challenges caring for their children and aging parents, as well as planning for their own retirement.

1. Sharp Asset
Management Inc.
The Sandwich
Generation: Caught
Between Two Needs
416-722-9009 contact@sharpasset.com

2. Who Are the Sandwich Generation?
• It refers to adults who are financially or emotionally
responsible for caring for both their aging parents and their
dependent children.
• These can be single parents, couples, or even grandparents
raising their grandchildren.
• The term was first coined by Dorothy Miller and Rosalyn Wyatt in
their 1981 book "The Sandwich Generation."
• At that time, the middle generation in the sandwich was Baby
Boomers. Today, the term has shifted to encompass Generation
Xers.

3. The Financial Strain of Dual Caregiving
Increased Expenses:
• Juggling Kids & Care: Daycare, after-school programs, and
activities add up, especially when caring for a senior loved one.
• Healthcare Costs: Medical care, medications, and in-home care can
strain your budget.
• Home Makeover: Modifications like ramps or grab bars to make your
home safe can be an unexpected expense.
• Senior Support: Assisted living facilities can be costly,
impacting your long-term financial plans.

4. The Financial Strain of Dual Caregiving
Reduced Income:
• Work-Life Woes: Cutting back hours or taking leave to care for
someone can put a dent in your income.
• Career Crossroads: Caregiving can limit career advancement
opportunities, affecting future earnings.

5. How to Navigate Caregiving Responsibilities
• Budgeting: Create a detailed budget for all household expenses,
including caregiving costs. Identify areas and reduce expenses.
• Invest in Life Insurance: Provides financial security for loved ones
after you're gone.
• Long-Term Care Insurance: Covers costs like nursing homes, hence
shielding your savings for caregiving.
• RESP: Save for your child's education with tax advantages and
government grants.

6. How to Navigate Caregiving Responsibilities
• RRSP & Tax Planning: Reduce taxable income to potentially qualify for
more government benefits and save more for retirement.
• Emergency fund: Establish an emergency fund to cover unexpected
expenses or compensate for lost income due to caregiving
responsibilities.
• Saving for Retirement: Don't neglect your own retirement savings
plan. Consider flexible options to accommodate your situation.

7. Government Support for Caregivers
• Canada Child Benefit (CCB): Helps with childcare costs for families with
kids under 18.
• Old Age Security (OAS) & Guaranteed Income Supplement (GIS): Provides
income support for low-income seniors, potentially easing your burden.
• Employment Insurance (EI) Caregiving Benefits: Offers financial aid when
you need time off work to care for someone.
• Disability Tax Credit (DTC) & Disability Insurance: Lowers tax burden
and provides income replacement for disabled parents.

8. Contact us
21 Greenwin Village
Road, Toronto, Ontario,
M2R 2R9
416-722-9009
contact@sharpasset.com
P.O BOX 74539
Humbertown Centre,
270 The Kingsway
Toronto, ON M9A 5E2
www.sharpasset.com

9. Thank you