Page 62 - FlipBook BACK FROM SARAN - MAY 5 2020 - Don't Make Me Say I Told You So_6.14x9.21_v9_Neat

Please replace Section 4 with the total rewrite that I provided. It's
in folder #128 in our shared Dropbox folder.

Section 4

Caring for Children or Grandchildren

There is also the possibility that today’s retirees may end up
taking care of “boomerang kids,” a term coined in the last

decade or so to describe the children of retirees who have
returned home in their late 20s, 30s, even their 40s or older.

These adult children may have been in the workforce for some
period of time and may even be married and have children.

But they have found themselves unable to make ends meet for
themselves or their family. They have moved back home with

mom and dad as a last resort.

I’ve witnessed this phenomenon with several of my World War

II-generation clients. Because of marital challenges, lost jobs, or
layoffs suffered by their children’s families, these retirees have

found themselves living with their son or daughter, their child’s
spouse, and sometimes their grandchildren. This may mean

that they are also financially responsible for their boomerang
child and his or her loved ones.

According to the Pew Research Center, 47% of parents
provide some form of assistance to their adult children, and

Chapter 2: You’ll Need More Money Than You Think