The fact is, women are the ones who most often step into the caregiving role.* As more women have children later in life and more parents live longer lives, the ranks of the sandwich generation are likely to grow in the years ahead. If your workers find themselves sandwiched between caregiving demands, here are some strategies you can share to help navigate this life phase.

Caring for parents

Talk to your parents about their financial resources. Do they have retirement income? Long-term care insurance? Do they own their home? Learn the whereabouts of all their documents and accounts, as well as the financial professionals and friends they rely on for advice and support.

Here are some things you should do:

• Take inventory of your parent's assets and consolidate his or her financial accounts.
• Get a current list of the medicines your parent takes and the doctors he or she sees.
• Have your parent establish a durable power of attorney and health-care directive. And make sure your parent has a will.
• Consider consulting a tax professional to see if you might be entitled to potential tax benefits as a result of your caregiving; for example, you might be able to claim your parent as a dependent.

Meeting the needs of your children

Your children may feel the effect of your situation more than you think. At a time when they still need your patience and attention, you could be preoccupied with your parent's care, meeting your work deadlines, and juggling your financial obligations. Here are some things to keep in mind as you try to balance your family's needs:

• Discuss college plans and encourage realistic expectations about the college they might be able to attend.
• Teach your kids how to spend wisely and set financial priorities.
• Try to build in some special time with your children doing an activity they enjoy.
• If you have "boomerang children" who've returned home, make sure to share your expectations with them, too (above and beyond their own laundry and meal prep).

Considering your own needs

This stage of your life could last many years, or just a few. Try to pace yourself so you can make it for the long haul. As much as you can, try to get adequate sleep, eat nutritiously, and exercise—all things that will increase your ability to cope. Don't feel guilty about taking time for yourself when you need it. And, as hard as it may seem, it's important for caregivers to get their own financial house in order. Establish a budget and stick to it, keep your debt under control, and put as much as you can into your retirement plan, and avoid raiding it to pay for your parent's care or your child's college education.