"A lot of people in this age group can be swayed by keeping up with the Joneses," said Cheryl Sherrard, CFP and director of planning for Clearview Wealth Management.
People are being pulled in two directions—by both children and aging parents.
"Now is the time to have discussions upfront to establish the expectations ahead of time," said Sherrard, who wrote a guide to having these types of conversations with aging parents. (Click here to download Sherrard's guide.)
"You need to ensure that you are taking care of your future and to secure your retirement before you commit to your children that you'll take care of everything (college, cars, down payments, etc.) or for your parents, who may not have properly prepared for their own retirement or later life issues," she said.