Jill McNamara reports that the average age of sandwich caregivers is dropping to 34, impacting American retirement savings.
The average age of Americans who simultaneously care for children and aging parents is dropping to 34, a significant decrease from the typical age of 40s or 50s. According to a report by Care.com, 69% of surveyed adults felt these dual responsibilities began earlier than expected, with 80% stating the transition was sudden and left little time for financial preparation. This shift is largely attributed to people having children later in life, which causes the overlap of needing to support both a toddler and an aging parent to occur earlier in a career. This trend is having a significant financial impact, as caregivers often have to cut hours, decline promotions, or leave the workforce entirely. For many, especially millennials, this means sacrificing peak earning years to manage costs. Experts suggest that caregivers should prioritize their own financial stability first, such as securing an employer match for a 401(k) plan, before focusing on others. Planning for long-term care and utilizing hybrid life insurance policies can also help mitigate the costs of dual caregiving.