'Sandwich Generation' Is Feeling the Squeeze

Saving for retirement can feel like a pipedream for people in the "sandwich generation." Tasked with supporting both growing children and aging parents, people in their sandwich era aren't designated to a specific age group, though Market Watch says about a quarter of Americans fit the definition. The Wall Street Journal estimates that 11 million Americans are in the demo, which is evolving as people have children later and seniors live longer. Right now, Gen X is squarely in that mix, dubbed the "hoagie generation" by Fortune for the extra amount of time and money they're tasked with supporting younger and older relatives during a period with both high cost of living and increased life expectancy.

"The risk is that these costs were not something they prepared or saved for," says Bankrate economic analyst Mark Hamrick. "Given their stations in life, it becomes more difficult to prioritize their financial goals, including saving for retirement." Five million US homes are intergenerational, which can greatly impact how the heads of these households save for retirement. CBS News profiles one such family, headed by Chu (58) and Alicia (56) Gomez, who live with their parents, a sibling, and their nephew and niece. "We didn't know we were going to have to care for so many family members," Alicia says, while Chu notes that they've altered expectations of retiring at 62—it will more likely be 70.

Per Market Watch, 47% of adults in the sandwich generation said at some points, they couldn't afford essentials due to the cost of caregiving, and 45% report credit card debt. "Family caregiving is a responsibility that knows no bounds of age, race, or gender," says AARP exec Nancy LeaMond, who believes they should be bolstered by more federal support. "It's an unpaid labor of love that can be emotionally, physically and financially challenging." Experts warn that remaining steadfast on financial planning is important when possible. "In your 50s, you may be pressured to help your adult children," labor economist Teresa Ghilarducci tells CBS. "You may be pressured to even help your older parents. But don't sacrifice your own retirement savings." (The 10 best cities to retire affordably.)