Sunday

Boomerang Parents?

We currently have a lot of jargon to describe the demographics of the time - boomers, millennials, empty nesters and so on. We may start seeing another one - let's call them boomerang parents - older parents who move back in with their kids. There are three main reasons for this possible shift - money, money, and money. 


There are a lot of baby boomers (that's why it was a "boom"), too many to be supported by whatever government retirement assistance may be available in the future; Social Security is broken, and has been for some time. Healthcare costs are going nowhere but up - regardless of the promised benefits of the Affordable Care Act.

Boomers are living longer that previous generations, and so will suck up even more resources in their advancing years. Assisted care can be horribly expensive at an average of around $40,000 per year, and many (most?) boomers are realizing that whatever retirement plans they may have made (if they made any) are woefully insufficient.

To save whatever money they do have to pay for medications and food, many boomers may find themselves at their kids' doorstep, cap in hand. This not unprecedented - there used to be a lot of multi-generational families in the US, and there still are in other countries - but it's going to be a rough wake-up call for a lot of people. It's not what our expectations are these days, and I don't doubt there will be a lot of resentment and bitter recriminations when the reality starts to hit home.

Personally, I'd live in my car before inflicting myself on my kids (one of ours still lives with us, as a matter of fact), but that's easy to say when I am still working and have health insurance and a roof over my head....

No comments :