Talking to elderly women about retirement
Dylan Huang


Dylan Huang     |     
SVP & Head of Retail Annuities

Retirement

Juggling your financial needs and long-term goals while caring for your children and aging parents on a daily basis can be a lot to handle.

Having such competing priorities can make it challenging to adhere to a financial strategy and feel confident about what lies ahead. A recent survey conducted by New York Life shows that COVID-19 has put additional stress on this ‘sandwiched’ generation. For some, their financial circumstances may have changed due to the pandemic, while others have become caregivers as a result of the current global health crisis.1

Further compounding this problem is the fact that caring for children and an aging relative is both expensive and time consuming—and impacts more than just finances. The Sandwich Generations’ sacrifices often come at the expense of their own physical and emotional health. While the financial costs of being part of the Sandwich Generation are high—averaging $1,000 per month to care for an aging relative—the emotional and physical costs can also add up, according to our survey. In fact, nearly half of respondents reported having less time for rest and relaxation, sleeping, physical exercise, or caring for their own well-being. While the demands of caregiving and the volatility of the environment can be a lot for one person to navigate, the good news is there are steps you can take to help you feel more prepared for what lies ahead.

Meeting with a financial professional can help achieve better financial outcomes. 

The financial impact of a dual caregiving role can be significant, particularly since those in the Sandwich Generation expect to be in a caregiving position and providing support for both their children and an aging relative for six-plus years. The survey found that 43% of those prepared to provide care for that time period with no adjustments to their financial strategies are working with a financial professional. Notably, the impact for women who work with financial professionals is even greater. Women who work with financial professionals are nearly twice as likely to agree they would be able to provide three or more years of care before adjusting their financial strategies.

Having a financial strategy boosts confidence. 

Based on our research, members of the Sandwich Generation who reported feeling prepared to provide care are more likely to have a long-term financial strategy, including boosting their own retirement and protecting their emergency savings. By establishing a financial strategy, those in the Sandwich Generation can feel confident that they can meet the needs of those depending on them without sacrificing their own financial goals.

For those in the Sandwich Generation, the responsibilities may be daunting, but you don’t have to tackle these challenges alone. Having a financial strategy and working with a trusted financial professional is critical to your financial, physical and emotional health. By ensuring your own financial future—like having proper life insurance coverage, an adequate emergency fund, a fully diversified investment portfolio in line with your risk tolerance and participating in company-sponsored retirement solutions—you can better care for yourself and your loved ones and incorporate all the vital elements of a protection-first financial strategy. The key is getting started! 

To learn more about the impact of the COVID-19 pandemic on the Sandwich Generation, read the full report.

About the author

Dylan Huang is the Senior Vice President and Head of Retail Annuities for New York Life. He is responsible for leading all aspects of the company’s second largest profit center, with sales of $13.1 billion in 2017. Under Dylan’s leadership, New York Life has developed innovative, income-focused solutions to help Americans achieve retirement security. The company is the industry-leading provider of lifetime income annuities.

Dylan began his career at New York Life as an actuary in 2001, advancing to leadership roles of increasing scope in the company's Life Insurance, Annuity, and Corporate Finance divisions. He most recently led New York Life’s Retirement Solutions organization.

Dylan is a recognized thought leader in the retirement industry. He is noted for the products he has introduced, such as the Guaranteed Future Income Annuity, which helped transform the deferred income annuity category into a mainstream solution for pre-retirees, and Mutual Income, designed to offer consumers the opportunity to directly participate in the company’s mutual structure through dividends. He is a patent-holder for products developed under his leadership. Dylan is also known for his award-winning research on how guaranteed lifetime income improves retirement portfolios, is often interviewed by the media for his insights on the retirement market, and has published articles in industry trade journals. In 2016, Dylan was named one of LIMRA’s 25 Rising Stars of Retirement Under 40.

Dylan holds a Master of Science degree from the University of Connecticut and a Bachelor of Science degree from the University of British Columbia. He is also a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries.

Dylan is a member of the board of directors at the Insured Retirement Institute and the advisory board of the New York Life Center for Retirement Income at The American College. Dylan also sits on the board of Virtual Enterprises International, an organization dedicated to career development for middle and high school students. Dylan lives in New York City with his wife, Angela, and their two boys, Owen and Oliver.

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1The survey data is from a poll conducted July 22 – August 5, 2020 among a national sample of 1,000 ‘Sandwich Generation’ adults (i.e., those caring for both a child(ren) and an aging relative(s)). The interviews were conducted online and results from the full survey have a margin of error of plus or minus 3 percentage points. Margin of error increases as sample size decreases.