Are you living in a multi-generational household or considering having your parents move in? Do you take care of aging parents as well as your own children? Do you know someone who is having challenges with caring for their parents? If any of these situations are yours, then this series is for you.
If you’re asked to picture a typical American home, you’ll probably imagine a single-family dwelling holding a mom, dad, kids, and maybe a family pet. That picture isn’t as typical as it once was. Today’s family home may also house grandparents or a young adult or two. Multi-generational living is a term used to describe households in which there are at least two adult generations in residence. Two types of multi-generational living are becoming more common in recent years; two-generation households, where adult children live with parents, and three-generation homes, where there are adult children, parents, and grandparents living under the same roof.
Challenges in Parenting
Having parents around has some advantages, like being able to be a backstop for any kind of child care. A lot of young parents go through this challenge when they first become parents on what to do with childcare you know one of the spouses stays home and one of them calls part-time. Can they do remote work opportunities, or can they make it work if your work is close enough?
Where they can have an in-house nanny? There's a lot of just different challenges when talking to peers. One of the first to talk about is how are you handling child care. Have you found a nanny or have you found good child care, a daycare in your location? For Tae, thankfully having his parents there has allowed them to continue full force on their career. Thankfully, on the days that both of them have to leave the house, his parents are able to help out with that. It's amazing just having that support.
Save Up as Much Money as You Can
You want to be just as financially prepared as possible, especially when it’s your peak earning years. To be able to just kind of get our head down, work as much as you can because you know there could be a time and hopefully not ten years down the line if one of you really needs to be home to spend more time with one of your parents. That could be a possibility, and for Tae’s family, they don't want finances to become a burden.
A lot of people in my generation, the baby boomers or Gen Xers, even though we can financially afford to retire we would feel that something was missing in our lives if we weren't working and that's what a lot of this show is about. It started because I've been trying to retire on my own, trying to let go of work, and that's why we're here. But it is good to listen to the other generation’s point of view as well and I think as long as you and your parents and your wife are all communicating so that when your parents don't want to work for a week or whatever you know because when you're older, you don't have as much energy to run after a five and six.
In a Multi-Generational Household, we Should Have a Time for Ourselves and a Time for the Family
Tae said it is very important just for his parents to have their alone time with their friends or just the 2 of them. For his wife and kids, they also have their own family time. They try to go to get away for the weekend, just the 4 of them. Thankfully, just as his parents are independent they're okay with them saying, “Hey we're going to go away for the weekend” and they're totally fine with that they're like, great the house is going to be quiet for the weekends. Once in a while, they go together on family trips.
Every family and situation is different and living in a multi-generational home will work very well for some and be quite difficult for others. As population centers become crowded and new construction continues to fall short of demand, multi-generational living will become even more economical in the future.
About Our Co-Host
Tae is the blogger behind Financial Tortoise. He writes about navigating the intersection between personal finance and being a sandwich generation. Tae and his wife cohabitate with his aging parents while raising their own children and building their careers.
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This post of Retirement and Retirement Lifestyle first appeared on https://RockYourRetirement.com