What to expect if you’re part of The Sandwich Generation with aging parents:

Your parents may need assistance as they become older.
If your family is small and widely dispersed, you may end up the primary caregiver for your parents.
Your children may be starting college at the same time as your parents become dependent on you for support.

Even if you aren’t there yet, how can you prepare for the future?

Start saving for college as soon as possible.
Work hard to control your debt. Installment debts (car payments, credit cards, personal loans, college loans, etc.) shouldn’t account or more than 20% of your take-home pay.
Invest in your own future by putting as much as you can into a retirement plan, where your savings grow tax deferred until you retire.
Talk to your parents about the provisions they’ve made for the future. Do they have long-term care insurance? Adequate retirement income? Learn the whereabouts of all their documents and get a list of the professionals and friends they rely on for advice and support.

If you decide that your parent needs to move in with you, keep the following points in mind:

Share all your expectations in advance; a parent will want to feel part of your household and may be happy to take on some responsibilities.
Bear in mind that your parent needs a separate room and phone for space and privacy.
Be sympathetic and supportive of your children—they’re trying to adjust, too. Ask them to take responsibility for certain chores, but don’t require them to be caregivers.

Here are some things to keep in mind as you try to balance your family’s needs, especially with children:

Explain fully what changes may come about as you begin caring for your parent. Usually, children only need their questions and concerns to be addressed before making the adjustments.
Don’t neglect your own family when taking care of a parent. Even though your parent may have more pressing needs, your first duty is to your children who depend on you for everything.

Most importantly, take care of yourself.

Make sure you’re getting enough rest and relaxation every evening.
Stay involved with your friends and interests.
Keep the lines of communication open with your spouse, parents, children, and siblings.