Professionals in their 40s and 50s are often in their peak earnings years, but this period can also be stressful. Many find themselves in the “sandwich generation,” helping their parents while still raising children. “At this stage, managing your money becomes more about balancing different goals than just accumulation,” says Doug Adkins, senior vice president and senior client advisor for Arvest Wealth Management in Central Oklahoma. “This transition requires a multigenerational perspective to ensure your own financial success doesn’t come at the expense of the people you care for most.” Adkins lays out six strategies to help the sandwich generation navigate these sometimes competing priorities.
Prioritize Your Retirement First
“While it is common for parents to put their children’s needs first, there are no retirement loans like there are for college and weddings,” Adkins says. Underfunding your future to pay for others puts you at risk of becoming a financial burden to your children later. Adkins suggests that, if you are 50 or older, take advantage of catch-up contributions to accelerate your savings.
Talk With Your Family
Having open family conversations about finances can help both generations prepare for the future. Setting realistic expectations for college or wedding expenses now will help parents and children plan accordingly, he explains. Sharing basic information about important accounts and policies, healthcare directives, powers of attorney, wills or trusts can help prevent unnecessary challenges and surprises.
Coordinate Care for Aging Parents
Being part of the sandwich generation often means being the primary advocate for your parents’ financial well- being. Don’t wait for a health crisis to look for passwords or account numbers. “Set up a meeting with your parents and their financial advisor to review their income sources, including Social Security, pensions and Required Minimum Distributions (RMDs),” Adkins says. “Ensure they have designated a ‘trusted contact’ person on their accounts and that their Power of Attorney is up to date. Knowing the plan now prevents expensive, high-stress decisions later.”
Maximize Education Savings
When you are “sandwiched” between your children’s education and your own retirement, flexibility is your greatest asset. While 529 plans remain the gold standard for tax-free growth, they have evolved into versatile wealth- transfer tools. Fortunately, in 2026, new legislation has removed the fear of overfunding. “If your child receives a scholarship or chooses a more affordable path, you can now roll over up to a lifetime limit of $35,000 in unused 529 funds into a Roth IRA for the beneficiary, provided the account has been open for at least 15 years,” Adkins explains. “This effectively transforms leftover education savings into a powerful retirement head start for your child.”
Bridge the Long-Term Care Gap
The expense of in-home care or a nursing home can quickly deplete a lifetime of savings. Adkins suggests reviewing your insurance and considering whether a long-term care (LTC) policy or a “hybrid” life insurance policy with an LTC rider is appropriate for you now. Purchasing these in your 40s or early 50s is much more affordable than waiting until your 60s.
Take Advantage of Your HSA
As healthcare costs increase, a Health Savings Account (HSA) becomes an even more essential tool. “If you have a High Deductible Health Plan (HDHP), maximize your contributions to gain the triple tax benefit: tax-deductible contributions, tax-free growth, and tax-free withdrawals for medical expenses,” Adkins says. This stage of life requires more than just a savings account. It requires a commitment to proactive, multi-generational planning. By talking openly with your family and parents, and keeping your own retirement in mind, you can make choices that help secure your family’s future.
Trust services provided by Arvest Bank.
Arvest and its associates do not provide tax or legal advice. Arvest Wealth Management, Member FINRA/SIPC.
Investments and Insurance Products: Not a Deposit, Not Guaranteed by the Bank or its Affiliates, Not FDIC Insured, Not Insured by Any Federal Government Agency, May GoDown in Value.
