Make a Plan for Your Parents' Care

MILLENNIAL MONEY

- LISA GERSTNER

Sadé Dozan was 29 years old when she abruptly found herself taking care of both her mother and 6month-old child in 2018. “My mother had my daughter in her arms and had a heart attack,” says Dozan. Her mother was left incapacitated, and her father has had his own health struggles with a recurring cancer.

Dozan is one of an increasing number of millennials squeezed in the sandwich generation, caring for their children and aging parents simultaneously. According to a 2020 survey from life insurer New York Life, millennials made up more than one-third of multigenerational caregivers, and they’re expected to account for a larger share as the population ages.