IncomeShield Annuity Caregiving Resources

IncomeShield and The Sandwich Generation 

For a growing number of Americans who are sandwiched between caring for their children and their aging parents, the need for guaranteed long-term income is becoming increasingly important. To help navigate this emerging trend, American Equity has resources aimed to help ease the potential strain on family and retirement funds. 

Taking Care of Children and Parents

 

Check out our blog that identifies who is affected by the sandwich generation, and how people are preparing for their own long-term needs. Read more about the sandwich generation.

Average Retirement Savings by Age

See how American’s retirement savings are holding up and what each age group is doing to prepare for income over the long-haul. Find out more in this retirement savings infographic.

Frequently Asked Questions 

Get insights on common questions about the sandwich generation, family caregivers, and long-term income options. 

Who is the sandwich generation?

48% of adults in their 40s and 50s have a parent age 65 or older and are either raising a young child or financially supporting a grown child 1^Pew Research Center, “The Sandwich Generation: Rising Financial Burdens for Middle-Aged Americans.” 2013. 

Who are sandwich generation family caregivers?

75%       Female 2^Institute on Aging. (2016). Read How IOA Views Aging in America. 

71%       Age 49-59 1^Pew Research Center, “The Sandwich Generation: Rising Financial Burdens for Middle-Aged Americans.” 2013. 

77 million Americans identify as an unpaid family caregiver 1^Pew Research Center, “The Sandwich Generation: Rising Financial Burdens for Middle-Aged Americans.” 2013. 

Who do family caregivers care for?

44%       Aging parent 1^Pew Research Center, “The Sandwich Generation: Rising Financial Burdens for Middle-Aged Americans.” 2013. 

22%       Other aging relative 1^Pew Research Center, “The Sandwich Generation: Rising Financial Burdens for Middle-Aged Americans.” 2013. 

18%       Aging friend or neighbor 1^Pew Research Center, “The Sandwich Generation: Rising Financial Burdens for Middle-Aged Americans.” 2013. 

16%       Aging grandparent 1^Pew Research Center, “The Sandwich Generation: Rising Financial Burdens for Middle-Aged Americans.” 2013. 

  7%       Aging spouse/partner 1^Pew Research Center, “The Sandwich Generation: Rising Financial Burdens for Middle-Aged Americans.” 2013. 

  6%       Someone else 1^Pew Research Center, “The Sandwich Generation: Rising Financial Burdens for Middle-Aged Americans.” 2013. 

What is the impact of caregiving for the sandwich generation?

31%       Report always feeling rushed (compared to 23% of other adults)1^Pew Research Center, “The Sandwich Generation: Rising Financial Burdens for Middle-Aged Americans.” 2013. 

32%       Ages 36-60 have less than $25,000 reserved for retirement 3^PNC Financial Services Group, Saving for Retirement, Emergencies a Struggle for Sandwich Generation, Survey. 2019 

31%       Have less than a six-month emergency fund 3^PNC Financial Services Group, Saving for Retirement, Emergencies a Struggle for Sandwich Generation, Survey. 2019 

30%       Are just able to meet basic expenses 3^PNC Financial Services Group, Saving for Retirement, Emergencies a Struggle for Sandwich Generation, Survey. 2019 

What do the next 10 years look like for sandwich generation families?

20% of population ages into retirement in the next 10 years 4^Pew Research Center, “Millennials projected to overtake Baby Boomers as America’s Largest Generation” 2018.

What are top concerns for sandwich generation families?

Preparing: Medical costs for themselves and loved ones a higher priority by 10% (compared to rest of population) 5^LIMRA, What are the Financial needs of Family Caregivers. DATE. 

Managing: More than one in four caregivers spent between $5,000 and $19,000 annually on eldercare 6^More Than Pocket Change: Out-of-Pocket Caregiving Costs, 2014 Study. Caring.com 

Supporting: Nearly 38% say both children and parents rely on them for emotional support 1^Pew Research Center, “The Sandwich Generation: Rising Financial Burdens for Middle-Aged Americans.” 2013. 

Where can sandwich generation families turn for help?

Benefits: Know benefit opportunities with National Council on Aging BenefitsCheckUp.org

Health: Determine Medicaid eligibility for caregiver, according to state guidelines

Veterans: Find financial support available to caregivers with U.S. Department of Veterans Affairs

Financial: Preparing the caregiver for their own care or additional income needed

 

Footnotes

The content is provided for informational purposes only and does not constitute advice. For specific details on how this may apply to your personal situation, contact your personal financial advisor or insurance agent for more details. American Equity contracts are only sold through independent agents. Please contact your state insurance department to see if there is an independent insurance agent in your area appointed to sell American Equity annuity contracts.
American Equity Investment Life Insurance Company® does not offer legal, investment, or tax advice. Please consult a qualified professional.