Downsizing When You Retire? Hold on! Some Seniors Are Upsizing!

Expanding Family Home

A recent study by Merrill Lynch discovered that although half of the retirees queried downsized to smaller livings quarters, 30 per cent moved into larger homes.

The chief reason was to plan for the possibility of accommodating visits from family or friends. It also is to allow that family members might want to return to the nest after all.

Many boomers and seasoned seniors are finding their off spring have a need to return home after getting a taste of the wide world out there.

These young people are called “helicopter kids.” They hover around Mom and Dad to return to their comfort zone when unemployment, relationships and economic hardship sour in the outside world. Of course, another reason to return home may be nothing more than missing Mom’s home cooking.

In 2014, for the first time in more than 130 years, adults ages 18 to 34 were slightly more likely to be living in their parents’ home than they were living with a spouse or partner in their own household, according to Pew Research.

Another changeable element in American society is for some couples seeking more home space for their parents. People are living longer and there are multiple reasons (health issues, death of one spouse, insufficient living expenses, etc.) for moving in an aging parent(s).

This is occurring more frequently. In 2008, 4.05 million parents were living with an adult child. By the end of 2011, the number had risen to 4.6 million — a 13.7 percent increase.

Even among the tradition downsizers, the trend is changing; the National Association of Realtors reports that in 2004, boomers downsized by 500 square feet, on the average. In 2016, they decreased house size by only 100 square feet.

All in all, more boomers and seasoned seniors are going to find themselves a member of the “Sandwich Generation.“ No, it’s not a secret sect with mass appreciation for bologna and mayo. It’s the large number of boomers who find themselves simultaneous moving toward retirement and also taking care of aging parents or children or both. The boomers are in between; hence, the sandwich analogy.

394-words/reading times: 2-min/10 sec

 

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Author: David Wilkinson

Web master: web site is www.mktingco.com...Creates marketing concepts for small businesses targeted around web site design and follow on customer building concepts like email marketing, use of social media, media coverage and search engine optimization. In addition, Wilkinson is a bookwriter. Along with his brother,Don, David has written and published two business books: "Stop Wasting Your Wealth in Mutual Funds." and "Rollover— Make Your Retirement Savings Last Longer Than You Do" Second book schedule to be published in February 2017.

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