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As I read an article on a Seattle News website about the money squeeze that seniors face, I couldn’t help but wonder why these seniors don’t move in with their adult kids.
I realize that I recently wrote about how adult kids living with mom and dad can put a drain on the parents’ retirement. But if you turned the situation around, it could actually be quite advantageous for parents to move in with their adult children.
Extended families are good for finances…
Moving in with your kids — especially when you are still vibrant and healthy — means you can free up your child and child-in-law to work a bit more and manage their joint expenses better.
Plus, the grandparents can help the household by providing childcare and cooking, as they are able.
With many Americans living in homes bigger than they actually need, giving up a guest room or a finished basement is not that big of a deal these days. LIkewise, grandparents who actually can help to pay the mortgage or a couple of utility bills can be beneficial. Sometimes even upgrading your home can have a financial benefit if it means that more hands and money will support the household.
Of course, those who would benefit the most from having an extended family are the children. Too many kids today do not have a good relationship with their grandparents. As a result, they become disconnected from their history and family ties.
The only downside to moving back in with adult children is that there could be personality conflicts. Such an arrangement is only possible if boundaries can be set without hurt feelings and added stress.
I have been a certified tightwad striving for financial freedom since I became pregnant with my first child — and I decided to find a way to stay home with him full-time. I enjoy sharing my personal experiences in my journey back to financial health and planning for a future — which will include sending 2 kids to college and early retirement.