Multi-generational families living together in the U.S. have increased 60 percent since 1990, and millions of Americans are sandwiched between raising kids and caring for an aging parent. This episode contains some straight advice on how to do both without breaking the bank. First, meet Jeannie and Bob Turner from Highlands Ranch, CO. They represent the Sandwich Generation, facing a tug of war between time, family and money. They’re learning the hard way how to prepare for the unknown.
Then Rick, a MoneyTrack viewer from Boston, asks whether his mother’s home equity can pay for her medical bills. Pam explains how your home can be turned into cash – if the entire family can agree on the options. In Investing 101, Kiplinger’s Personal Finance editor Janet Bodnar gives the Sandwich Generation tips about how to pay for their kids and parents and still have enough money – and sanity — for retirement.
Who else is watching your parents’ bank accounts? In Scam Alert, we take a look at elder fraud. The Hambrics of Fallbrook, CA got a card in the mail about a seminar from a so-called financial consultant for seniors. Turns out they weren’t the only ones taken in by the free lunch. The company used clients’ money to fund their personal bankrolls, ultimately stealing more than $200 million from seniors.
