Lack Of Retirement In.e Forces Seniors To Move In With Their Kids-ghost observer

UnCategorized During the late 1980’s and 1990’s many adult children were returning to the family home to live with their parents. The reasons for this were largely financial. Adult children wanted to save their money and living alone took most of their resources. Moving back in with mom and dad allowed them to save money and live a more comfortable lifestyle than they could otherwise afford. The many retirees are now turning the tables on their kids. Older adults are moving in with their adult children in larger numbers than in the past. As with the adult children who moved back in with mom and dad, this is usually for financial reasons. A lack of sufficient retirement income is usually the cause. But there may be non-financial reasons for doing this also. In addition to contributing financially, parents can help with such chores as child care and housekeeping. Having an extra adult in the home can reduce the amount that has to be paid for day care. Young children enjoy being cared for by a grandparent, and working mothers can be grateful for some respite from housework. Parents who are living with adult children need to understand that they are no longer the authority figure in the home. Adult children need to show respect for their parents without ceding to them on issues involving their own home and children. Another reason for a parent to move in with an adult child may be to avoid the cost of nursing home or other long term care. Many elderly people do not want to enter nursing homes when they are ill. Government assistance is available to many families with elderly people living in their homes. Medicare or Medicaid may cover the cost of nursing assistants, skilled nursing care, respite care and other necessary services. In cases where the person is terminally ill, hospice services are available to both the patient and their family and are usually covered by Medicare or Medicaid. Moving in with adult children will not provide a living solution for all seniors. With shrinking state and federal resources, housing and other assistance for the elderly is likely to be more difficult to get. People facing retirement need to look to the future and provide themselves with resources for the years to come. An elder care expert can help with financial planning for retirement expenses. An elder care expert can help you take advantage of all possible resources in securing your future, including alternative funding options, asset-based long term care insurance, and tax savings that help pay for care. The trend for seniors to move in with adult children is likely to continue. Many retirees have lost money on investments recently and have fewer resources than they planned. Housing costs have not lessened, especially those in retirement communities. With cuts in state and federal spending, retirement will continue to be a difficult financial time for everyone for the foreseeable future. Never before has there been such an urgent need for elder care financial planning. About the Author: Leo J. Vidal, J.D., M.A., CPA has over 25 years experience in retirement planning. He is author of the book The 76 Biggest Financial Mistakes Made by Retirees and What to do About Them. He may be reached through his websites at and Article Published On: ..articlesnatch.. – UnCategorized 相关的主题文章: