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Multigenerational Living: You Are My Retirement Plan
From:
Jerry Cahn, Ph.D., J.D. --  Age Brilliantly Jerry Cahn, Ph.D., J.D. -- Age Brilliantly
For Immediate Release:
Dateline: New York, NY
Tuesday, August 27, 2024

 

The trend of parents moving in with their adult children is gaining momentum. As a result of insufficient retirement savings and escalating living costs, many families are finding themselves cohabitating across generations. This shift, often referred to as the “reverse-boomerang” effect, highlights a significant societal change and presents both challenges and opportunities for families.

Sian-Pierre Regis spent years sharing his New York City apartment with friends, navigating the ups and downs of city life. But come June, his apartment will gain a new tenant—his 78-year-old mother, Rebecca Danigelis. After a long career as a hotel housekeeper and enduring a job loss followed by the pandemic’s financial strain, Rebecca found herself with nowhere else to turn. Her retirement savings had long since been used up, and her subsidized housing lease was ending. The only option left was to move in with her son.

According to a Pew Research Center analysis, 14% of adults living in someone else’s home in 2017 were parents of the head of the household, a significant increase from 7% in 1995. This trend is anticipated to rise as the baby boomer generation retires and faces financial difficulties. The Center for Retirement Research at Boston College predicts that half of today’s workers will not have enough savings to maintain their standard of living upon retirement. Moreover, the AARP Public Policy Institute foresees that one in five Americans will be over 65 by 2030, creating a severe shortage of affordable housing for seniors.

The resurgence of multigenerational living, a trend that reached its lowest point in 1980 but is now approaching its 1950s peak, represents a practical response to these challenges. By 2016, 20% of the American population was living in multigenerational households, a trend driven by both young adults moving back home and older adults moving in with their grown children. Pew Research found that older adults are increasingly likely to live with their adult children compared to previous decades.

While the concept of multigenerational housing might seem like a step back, it can offer numerous benefits. Families can share expenses, caregiving responsibilities, and emotional support, creating a more cohesive and supportive living environment. The normalization of this arrangement, as noted by Rodney Harrell from the AARP, can make it easier for others to consider similar options. As more people witness these arrangements becoming common in their communities, it may pave the way for greater acceptance and innovative solutions.

To facilitate this transition, several apps and tools can help manage the complexities of multigenerational living:

  1. Cozi (cozi.com): This app helps families coordinate schedules, manage tasks, and share grocery lists, making it easier to handle the daily logistics of living together.
  2. OurHome (ourhomeapp.com): Perfect for organizing household chores and tracking shared expenses, OurHome ensures that responsibilities are distributed fairly among all family members.
  3. Family Locator by Life360 (life360.com): This app allows family members to stay connected and informed about each other’s whereabouts, enhancing safety and communication.
  4. EveryDollar (everydollar.com): Designed to help manage personal finances, EveryDollar can be a valuable tool for budgeting and tracking shared expenses in a multigenerational household.
  5. com (care.com): For families needing additional help with caregiving, Care.com connects users with professional caregivers, offering a range of services from medical assistance to daily living support.

As families adapt to this evolving dynamic, open communication and strategic planning are essential. Discussing expectations, responsibilities, and boundaries can help prevent misunderstandings and ensure a harmonious living arrangement.

Are you experiencing or considering a multigenerational living situation? What tools or strategies have you found helpful in managing this transition? Share your thoughts and experiences in the Age Brilliantly forum. Let’s discuss how we can support each other through these changes and create a fulfilling living environment for all generations involved.

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Name: Jerry Cahn, Ph.D., J.D.
Title: CEO
Group: Age Brilliantly
Dateline: New York, NY United States
Direct Phone: 646-290-7664
Main Phone: 646-290-7664
Cell Phone: 646-290-7664
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