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Rigors of Sandwich Generation Require Careful Planning, Time Management

CHICAGO, September 30, 2008 – Raising children or tending to aging parents can be challenging for today’s caregivers, particularly for those who also work full time jobs. Now a growing number of Americans are facing a new challenge: providing care for their parents while simultaneously raising their children and securing their own future, including saving for retirement. This caught-in-the-middle group is known as “The Sandwich Generation.”

Today, approximately one of every eight Americans between the ages of 40 and 60 can be considered a part of the Sandwich Generation. Experts expect those figures to grow as baby boomers continue to age and look to their children for increasing assistance. The U.S. Census Bureau predicts that by 2030, about one in five U.S. citizens will be elderly. The demands facing members of the Sandwich Generation often cause increased levels of stress and financial challenges. Many of these caregivers have delayed their own retirement savings to pay for the demands of raising children and helping their parents. Even worse, they often can’t afford to take time away from work to manage all of their responsibilities.

If you find yourself a member of the Sandwich Generation, it’s very likely that you need help. Fortunately, there is plenty of help available – including books, Web sites, local programs, national organizations and financial institutions. The first step is to formulate a plan that will help you balance competing priorities.

Caring For Parents
The key to caring for aging parents is to plan ahead. In order to plan effectively, you must communicate. Talk to parents about their finances and their plans for the future. Discuss power of attorney, a legal authorization that gives a relative or caregiver the authorization to make financial and medical decisions, so someone has the ability to act quickly should an emergency arise in the future. The biggest expense for the elderly is long-term care, and long-term care insurance is a great option for those on the younger side of the Baby Boom.

Some retirees may be independently wealthy and able to self-finance their golden years. In these situations, Harris Private Bank’s enCircle program is an outstanding option. enCircle is designed to ease the day-to-day management of finances, helping mature individuals with services such as personalized bill payment, tax return coordination, investment management and care management referral services. Visit http://www.theharris.com/enCircle/ for more information.

Securing Children’s Future
Of all the expenses involved in child-rearing, college education is one of the largest. Getting an early start, and using tools such as 529 plans can make saving for your child’s future much less painful. A 529 plan is an education savings plan operated by a state or educational institution. The plans are designed to help families set aside funds for future college expenses. Today, every state offers at least one 529 plan. Some are savings plans similar to a 401K, while others are pre-paid plans, which enable you to pre-pay some or all of the costs of an in-state public college education. For comprehensive information on available 529 plans, including plan performance and a college savings calculator, visit www.savingforcollege.com .

Take Care of Yourself
Don’t neglect yourself. Many members of the Sandwich Generation are so focused on caring for their parents and their children that they’re failing to save enough for their own retirement. While it is difficult to prioritize your own savings when the needs of family members seem much more immediate, the power of compounding means that small, early investments are likely to produce greater yields than larger investments at a later stage. Ensure you have the funds necessary to retain your lifestyle while simultaneously saving for your own long term needs. The sooner you start saving for yourself the better – if you wait too long, you’ll never catch up. Many Web sites offer retirement planning tools and resources, including MSN Money and Yahoo Finance .

About Harris
Harris is an integrated financial service organization providing more than 1.2 million personal, business and corporate clients with banking, lending, investing and wealth management solutions. The organization is a member of the BMO Financial Group (NYSE, TSX: BMO), which also provides corporate and investment banking services in the U.S. under the BMO Capi tal Markets name.

Harris^® is a trade name used by various financial service subsidiaries of Harris Financial Corp. Banking products and services are provided by Harris N.A., The Harris Bank, N.A. and their bank affiliates. Members FDIC. Brokerage products are offered through Harris Investor Services, Inc. (HIS), a registered broker/dealer, member NASD/SIPC, and SEC registered investment adviser. Insurance and annuities are offered through Harris Bancorp Insurance Services, Inc. (HBIS). Securities are provided by BMO Capital Markets Corp. (BMOCM), a registered broker dealer and member NYSE, NASD and SIPC. HIS, HBIS and BMOCM are affiliated companies and are wholly owned subsidiaries of Harris Financial Corp. Products offered by HIS, HBIS and BMOCM are Not Insured by the FDIC or any Federal Government Agency, Not a Deposit of or Guaranteed by Any Bank or Bank Affiliate, May Lose Value. The purchase of insurance or an annuity is not a condition to any bank loan or service. Financial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Blayney, Inc., an SEC registered investment adviser. Family Office Services are provided by Harris myCFO, Inc. Investment advisory services are offered by Harris myCFO Investment Advisory Services LLC, an SEC registered investment adviser and wholly-owned subsidiary of Harris myCFO, Inc. Not all products and services are offered in every state and/or location.

Colleen Kroll (312) 461-7865

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