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.

Sandwich Generation Frequently Asked Questions 

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

Who is the sandwich generation?

Close to a quarter (23%) of U.S. Adults are now part of the sandwich generation. These adults have parents age 65 or older and are either raising a young child or financially supporting a grown child.1^Pew Research Center,More than half of Americans in their 40s are sandwiches between and aging parents and their own children, April, 2022

Who are sandwich generation family caregivers?

More than 1 in 5 adults — a total of 53 million adult Americans — are unpaid family caregivers.2^AARP,Deborah Schoch, 1 in 5 Americans Now Provide Unpaid Family Care, June, 2020

61 percent female; 39 percent male3^AARP,Caregiving in the U.S. 2020 Report, May, 2020

54 percent of family caregivers are age 50 or older3^AARP,Caregiving in the U.S. 2020 Report, May, 2020

Who do family caregivers care for?3^AARP, Caregiving in the U.S. 2020 Report, May, 2020

89% of care recipients are related to their caregivers by blood or marriage

42% parent

12% spouse/partner

8% parent-in-law

8% grandparent/grandparent-in-law

7% sibling/sibling-in-law
What is the impact of caregiving for the sandwich generation?4^Policygenius,Myles Ma, CFPC, 29% of the sandwich generation is ‘very stressed’ about financially supporting their kids and aging parents, January, 2023

66% of the sandwich generation is either “very stressed” (29%) or “somewhat stressed” (37%) about financial obligations.

Only 32% of the sandwich generation have discussed financials with their parent(s)

52% expect supporting their parent(s) will cost as much or more than supporting their children over the next five years.

The Future Outlook for Sandwich Caregivers

By the year 2034, adults ages 65 and older will outnumber children under the age of 18.5^AARP Police Research Institute, Valuing the Invaluable: 2023 Update Strengthening Supports for Family Caregivers, March, 2023

A majority of sandwich caregivers will be Gen Z and millennials.6^AARP,Valuing the Invaluable, Infographic, March, 2023

Over the next decade, financial stress on caregivers is expected to increase.4^Policygenius, Myles Ma, CFPC, 29% of the sandwich generation is ‘very stressed’ about financially supporting their kids and aging parents, January, 2023

What are top concerns for sandwich generation families?

40% of caregivers cite the emotional stress of juggling caregiving with paid work as biggest challenge.6^AARP, Valuing the Invaluable, Infographic, March, 2023

Unpaid family caregivers spend close to $8000 out of pocket per year to care for relatives.7^AARP, Nancy Kerr, Family Caregivers Spend More Than $7,200 a Year on Out-of-Pocket Costs, June, 2021

Sandwich generation caregivers are more likely to report substantial emotional difficulty.8^University of Michigan, Michigan Medicine, Department of Psychiatry, “Sandwich generation” study shows challenges of caring for both kids and aging parents, December, 2022
Where can sandwich generation families turn for help?

Benefits: Know benefit opportunities with National Council on Aging

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



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.
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