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Modern Households: Turning 50 & Multi-Generational Homes

 

Baby boomers are feeling the pressure of empty-nest reversal from boomerangs – adult children returning home to live and live-in elders – seniors trading their current home for a loved one’s spare bedroom. According to Pew Research Center, nearly half of adults in their 40s and 50s have a parent age 65 or older and are either raising a young child or financially supporting an adult child. About one in seven of these middle-aged adults are providing financial support to both an aging parent and a child.

Insure U: Turning 50 In addition to negotiating cooking and cleaning responsibilities, it’s important to make sure everyone understands how a change in address might affect insurance needs.


Live-In Elders


Having an aging parent or other family member move in can be stressful for both parties. Before you unpack that first box, take the time to have “the talk” about finances, including insurance.


Boomerang Kids


Welcoming an adult child home can be just as daunting as a live-in senior. Plus, it’s expensive. In fact, experts estimate hosting an adult child in your home costs between $8,000 and $18,000 per year. To minimize the burden and avoid surprises, set clear expectations.

All About You

As your new multigenerational living arrangement focuses all the attention on loved ones in need, be sure to understand how financial decisions you make today, including insurance, might impact your own future. A few considerations if you plan to retire before age 65:

Get more tips to help you plan a secure retirement, and download the Welcome Home contract. And for insurance information specific to where you live, contact your state insurance department.