They dreamed of retiring at 62, but now, the Gomezes are staring down another decade of work.

The husband and wife are in their 50s and they told CBS News they're drowning in financial obligations.

CBS News interviewed the couple in their 50s who were stretched thin. While the Gomezes had hoped to retire at 62, they were now considering working until at least 70. The reason their plans were derailed? they were supporting far more family members than expected.

With elderly parents, a child, and their niece and nephew living in their home, the Gomezes faced overwhelming financial demands -- especially after taking on student loans to help their daughter and niece afford college.

They aren't alone. The couple is part of the sandwich generation, a term for people who simultaneously care for their children and aging parents. This dual responsibility can make achieving financial goals nearly impossible, yet for many, it's a situation they cannot escape

The sandwich generation refers to people who are stuck in the middle -- providing for both aging parents and children. This group is growing as life expectancies increase and people have children later in life.

According to Pew Research, 23% of all U.S. adults have at least one parent aged 65 or older while supporting either a child under 18 or an adult child financially. People in their 40s are the most likely to be part of the sandwich generation, with 54% supporting both a child and a living parent over 65.

Both men and women can find themselves in this position, though adults with college degrees are slightly more likely to have obligations to multiple generations at once.

Unfortunately, research from the Journal of the American Geriatrics Society revealed that:

According to a survey by Wakefield Research and Otsuka America Pharmaceutical showed that 72% of sandwich-generation members have had to cut back on necessities -- such as food or medical care -- or have been forced to dip into their retirement or personal savings to cover expenses.