Feb 27, 2023
The Working Daughter Needs Help
I recently spoke to a friend who was wrapping up her mother's estate. She is still grieving from her loss, of course, but is also relieved to be done with the administration, and is now ready to focus on other important areas of her life. Studies have shown that roughly 75% of all caregivers are female,1 and that more than half of Americans in their 40s are sandwiched between an aging parent and minor child, as are 27% of adults in their 30s, and 36% in their 50s.2
So, if you are between the ages of 30 and 60, and dealing with caregiving responsibilities, when do you take the time to focus on what you need in your own life? The answer to this usually is that you don't. As a result, you may be leaving good opportunities on the table that could help strengthen your future.
I see this trend a lot among my friends, colleagues and clients—they are caregiving for both their parents and their own children. When they finally take a moment to breathe, they look around and realize they haven't sufficiently cared for their own health, finances, education and training, or overall well-being.
I'm not suggesting that you stop caregiving, but I am suggesting that you consider outsourcing where you can to help set yourself up for success.
One area to outsource is your finances. And please do not worry if you haven't opened up an account statement in years, know what your tax return says or updated your will to include your last-born child (even if he is now 15 years old).
The right advisor won't shame you or embarrass you, but instead will guide you, educate you and help you get back on the right track. You can be assured that someone is “minding the shop,” so you can mind your little ones (or older ones). Give yourself permission to enjoy the freedom of knowing that your finances are being professionally cared for—and that it doesn't have to be you who is providing the care in this circumstance.
Here are just a few items your financial planner can help you with, to potentially ease your burden:
- Consolidate and organize your investments
- Provide a savings strategy
- Ensure your estate plan is in order
- Implement a college savings plan
- Review opportunities to mitigate taxes
- Determine if you have the appropriate life and disability insurance coverage
- Coordinate your property and casualty and liability coverage
- Run an overall financial plan to determine if you are on track to meet your financial goals
With that said, to all the working daughters (and sons) who need help, you are seen. I know you are tired, busy and stressed. Let us help you with one important aspect of your life: your finances.
1 https://www.caregiver.org/resource/caregiver-statistics-demographics
2 https://www.pewresearch.org/fact-tank/2022/04/08/more-than-half-of-americans-in-their-40s-are-sandwiched-between-an-aging-parent-and-their-own-children
ABOUT THE AUTHOR
Abigail Rosen, MS Financial Planning
Abigail (Abby) Rosen is a CERTIFIED FINANCIAL PLANNER professional with over 17 years of experience in the financial industry. Prior to her career in finance, Abby was an officer in the United States Navy. Abby is responsible for managing client relationships and coordinating all aspects of client service for the team. Abby specializes in working with corporate executives to help them take full advantage of their available benefits, implement in respect to employer stock concentrations and manage their stock option strategies. She has a designation in Global Financial Planning.
She graduated with a Bachelors of Arts from the College of the Holy Cross and received a Master of Science (distinction) in Financial Planning from Bentley University. She was 2020 Citizen of the Year for her work as Treasurer of the New Jersey Psychological Association Foundation, is Treasurer of the Brooke Healey Foundation and a Girl Scout Troop Leader.
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