![\"Bernice](\"http:\/\/www.financenewmexico.org\/userfiles\/Bernice%20Geiger.jpg\")
Bernice Geiger, New Mexico Securities Divison<\/p><\/div>\n
The financial meltdown that\u2019s depleting the savings and income of millions of Americans presents special risk to the estimated 16 million adults who support themselves while also caring for dependent children and elderly parents.<\/p>\n
\u201cMillions of adults are facing a generational sandwich that\u2019s putting an economic squeeze on everyone involved,\u201d said Bruce Kohl, director of the New Mexico Securities Division and chairman of the North American Securities Administrators Association\u2019s new investor education program. \u201cNearly half of those in the so-called \u2018sandwich generation\u2019 don\u2019t have enough money to finance their own retirement but consider paying for their children\u2019s college tuition a parental responsibility, all while juggling the rising costs of care for their parents.\u201d<\/p>\n
Given the increase in life expectancy, Kohl said, \u201cYou\u2019re looking at millions of stressed families across North America. We\u2019re concerned that this stress may make the sandwich generation more susceptible to fraud, depleting the financial resources they need to maintain their families.\u201d<\/p>\n
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![\"Bruce](\"http:\/\/www.financenewmexico.org\/userfiles\/Bruce%20Kohl.jpg\")
Bruce R. Kohl, Director, New Mexico Securities Division<\/p><\/div>\n
The investor education program aims to help members of the sandwich generation prepare for the financial responsibilities they\u2019ve assumed, which includes protecting their assets \u2014 and those of older dependents \u2014 from fraud. A bad investment by an older relative often means other family members must then provide the support that\u2019s no longer there. When multiple family members fall victim to an investment scam, the assets of an entire family can be wiped out.<\/p>\n
The association suggests sandwich generation members first get their bearings as follows:<\/p>\n
Teach children well: <\/strong>Parents should teach their children about basic finances and demonstrate responsible money management. They should consider the impact of using their own retirement assets to send children to college and talk to their children about how they can help finance their own education. If adult children move back home, parents should set financial ground rules and expectations.<\/p>\n Protect yourself: <\/strong>Those in the middle of the sandwich should organize their brokerage statements, bank records, insurance documents and other financial papers. Retirement planning should start early, and investments should be managed according to financial goals and risk tolerance. They should draw up a realistic budget, control debt and make sure that brokers or financial advisers are licensed to sell investments or provide advice.<\/p>\n With respect to elders: <\/strong>People with older parents should broach the subject of finances and ask them for current copies of their estate planning documents. It\u2019s critical to know where parents keep insurance documents, retirement plans and investment documents and to ensure that these documents will be accessible to other family members if necessary. They should know the names of their parents\u2019 financial planners, accountants, doctors and other advisers.<\/p>\n For more information about the association\u2019s sandwich generation outreach program, visit the Sandwich Generation Resource Center <\/span><\/strong><\/a>.<\/p>\n Download 73_Resources from the New Mexico Securities Division PDF<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The NM Securities Division Investor Education program aims to help members of the so-called sandwich generation – those caring for their children and elders – by protecting them from fraud. Continue reading