| Steve finished college, found a job, but really didn't | | | | his retirement. |
| have the money to handle all of the living alone costs | | | | For Jim and Kathy, it was even worse. In order to help |
| of a single adult... and have a social life at the same | | | | Susan out, they had to borrow money to cover the |
| time, so he moved home with his folks. | | | | expenses of her divorce and caring for her and the |
| Jim and Kathy love retirement. Jim was 1 year into | | | | children. |
| retirement, Kathy 6 months, when their daughter | | | | So, are you facing this problem? Do you wonder what |
| Susan's husband left her and their two young children. | | | | you can do to nurture your adult children along to leave |
| Susan had not been working while the children were | | | | the nest? Do you want to find ways to support her |
| young and her child support could not begin to cover | | | | and not push her out too soon, and yet, you also would |
| housing and child care expenses. The 3 of them | | | | like to be able to see an end to this dilemma? We |
| moved in with Jim and Kathy. | | | | have some suggestions for you. |
| Tom struggles with depression so it was no surprise to | | | | |
| him that his 23 year old son, Josh also has the same | | | | Suggestions For Helping Your Young Adult "Take |
| issues. Josh's sadness and depression make it hard | | | | Flight" |
| for him to hold on to a job. The harder it is to hold on | | | | Do not see returning home as the first best option. |
| to a job, the more depressed he becomes. Tom | | | | Sometimes your adult child may just need help finding |
| wonders if Josh will ever be on his own. | | | | a cheaper place to live, a better idea of budgeting or |
| Now, more than any other time in our history, young | | | | even a short-term loan. |
| adults are finding it harder to leave home and many, | | | | Do not sacrifice your own financial future. |
| because of the economy or other issues, are finding a | | | | Continue to care for yourself financially. You do not |
| need to return to their parents' home. This can be | | | | want to trickle down the financial burden to your |
| stressful for everyone. | | | | children so that they have to take care of you in your |
| | | | old age. Your children most likely have many years to |
| Young Adults: Leave Home Without A Boomerang | | | | save for their retirement. You are approaching the end |
| A 2009 survey by the Pew Research Center | | | | of your time. |
| reported that 13% of parents with adult children said | | | | Teach your young adult about finances. |
| that one of their adult sons or daughters had moved | | | | You may be willing to help them out of debt, but don't |
| back home in the past year. | | | | just bail them out. Find a way to teach them how to |
| Another study reported that 40% of 2008 grads were | | | | avoid debt, handle credit cards and live within a budget. |
| still living at home with their parents and 42% of 2006 | | | | If your relationship is tense, find a financial adviser or |
| grads were also still living at home. | | | | send them to a class to learn these skills. |
| | | | If your adult child needs to borrow money, make sure |
| Reasons Young Adults Remain With Their Parents | | | | that he understands that it is a loan. Work out a |
| The main reason that young adults have trouble | | | | repayment plan, either through money or increased |
| moving out on their own is the high cost of housing | | | | responsibilities, that is realistic and one that you will |
| and other life expenses. | | | | follow through. |
| The Bureau of Labor Statistics reported in October, | | | | Set clear expectations about the living arrangements. |
| 2009 that 15.6% of 20-to-24-year-olds were | | | | Discuss household responsibilities, overnight |
| unemployed vs. 8.7% for people over 25. College debt | | | | arrangements with dates, what needs there are for |
| also takes a toll, so it makes sense to move back | | | | sharing plans about when each of you will be home |
| home where life is comfortable, rent is low or none at | | | | for meals, trips, etc. |
| all and cooking and laundry are often provided. | | | | Charge your young adult rent. |
| Others, like Sara, return for personal reasons, to | | | | Rent can be a good thing, even if you decide to put it |
| recover from a divorce or an illness, or just because | | | | in a savings account for when your adult child leaves |
| they would like a different lifestyle. | | | | home. |
| Effects of Young Adult Children Living With Their | | | | Set a time limit with your young adult. |
| Parents | | | | Discuss how long these living arrangements will |
| We know that when a young adult moves back | | | | continue. It is good to begin with an idea that this |
| home, there is often more tension in the family. Parents | | | | arrangement will not last forever. You can choose to |
| find it hard not to interfere in their child's life and the | | | | change the time limit in the future if that needs to |
| young adult, still somewhat dependent on his parents, | | | | happen. Beginning with a date or time for a move out, |
| may have trouble acting in mature and responsible | | | | lessens the impact of changing it if the return home |
| ways. (Or at least not live up to what parent think are | | | | seems to take too long. |
| mature and responsible ways.) | | | | Stick to your guns. |
| There are financial burdens for the parents as well. | | | | It doesn't help if you back down on your word. Your |
| Their desire to retire or travel may be derailed | | | | goal is to help your young adult become self-sufficient. |
| because of the burden of caring for children and | | | | Honor your promises and hold her to her promises. In |
| grandchildren financially. | | | | the end, everyone will feel better about the |
| Tom has had to pay for Josh's college loans since he | | | | arrangement. |
| has had such a tough time finding a well-paying job | | | | Want help with your situation? We have experience |
| and sticking with it. That money is now not going to | | | | helping other parents and their young adults navigate |
| Tom's IRA which means that he cannot retire in 10 | | | | this territory. Contact us and let's talk about how we |
| years when he turns 66. This is the time when Tom | | | | might help you. |
| should really be working hard to put money away for | | | | |