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Friday, February 29, 2008

Is Grandma Coming to Live with Us?

As more baby boomers retire there are going to be some parents that are not going to be in the position of just being able to make it. Starting late with 401k's, higher then expected health costs and frankly, longer life will add to this phenomenon.

This is the flip side of the coin of kids waiting longer to leave. We may end up living with our parents, between homes over half out life! Don't get me wrong, I love my Mom and Mother-in-law, but I could end up with both!

Personally this is not a burden I want to put on my children. And to be fair it would be child...singular, it is always one that is the go to person, either due to closeness geographically or responsibility. level.

Are we ready to become multi-generational home dwellers like many other countries?

My opinion is that, I think a lot of this will be avoided as people work longer and live better then previous generations. 100 becomes the new 80. People are vibrant and sharp, because they have to be. I also believe that the baby boomer are too independent to migrate this way in droves.

How about you? Do you see yourself becoming your parents...parents? If so are you preparing for this now via budgeting, or as part of your retirement plan?

(photo from freakingNews.com)


Father Sez said...

This is an interesting point. There was a time not too long ago in our history that children looking after parents and grandparents was a given.

Now it looks like we are coming full circle, i.e. back to those days again.

Anonymous said...

My dad just talked to me about this a couple of weeks ago - he is in the very early stages of Alzheimer's and with my mom gone, is fearful of having to go to a nursing home. With my siblings demanding & time consuming careers - I'm the logical choice to care for him. You know what? At first it sounded like Oh-oh, here comes trouble. But I'll be proud to care for my dad if he needs me - we're family & I love him. It will be an interesting adventure - I'm sure!

Canadian Saver said...

Back in the 80s we had my grandma come live with us, not for financial reasons but for medical ones. While I loved her greatly, it was extremely hard on my family as she needed care 24/7 and we missed out on a lot of things because of it. When the time came to go to a nursing home, she told my mom she was glad to go so my family could go back to normal (no hard feelings anywhere though).

I'm going to help out my parents too as they have helped me a lot (and still are now). The good thing is both of them have agreed that when the time comes, they'd be ok with going to nursing homes. I hope that day isn't in the near future (they are only 67 & 63) but we know when the time comes it'll be one less struggle.

There has been a lot about this in the news, it's going to get more and more common.

RacerX said...

@fathersez - It sure does. I can see both the good and the tough parts. It would a wonderful way for my children to have an even tighter relationship with my kids, but it would be tought financially as well.

@Dawn - If anyone is...you are up to the challenge! Alzheimer's is so tough on everyone. You trullt have my best hopes and prayers.

@Canadian Saver- Welcome! - I think you are right about it becoming way more common.

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