Nov 02

Parents Struggling to Kick Adult Kids Out

Parents Struggling to Kick Adult Kids Out

 

Parents Struggling to Kick Adult Kids Out. Image courtesy of patrisyu / FreeDigitalPhotos.net

Parents Struggling to Kick Adult Kids Out. Image courtesy of patrisyu / FreeDigitalPhotos.net

 

The job market for young adults has been improving gradually since 2010, yet the number of young professionals living with their parents is continuing to climb. At the beginning of this year, 26 percent of millennials – those aged 18 to 34 – are living with their parents, according to the Pew Research Center. The trend is most pronounced among 25 year olds.

Indeed, 30 percent to 50 percent of 25 year olds were living with their parents in 2013, depending on the state, according to a report by the Federal Reserve Bank of New York, released in September. The Northeast and West coast have seen the largest increases in millennials moving in with their parents.

But financial analysts warn that the growing number of young adults living with their parents threatens their parents’ retirement financially and psychologically. Fifty-two percent of baby boomer households that have children but don’t support them are retired. Yet, only 21 percent of baby boomers who do support adult children are fully retired, according to a March 2015 study by Hearts & Wallets, an investment and retirement research firm. What’s more, baby boomers who support adult children are 25 percent more likely than other baby boomers to report moderate to high financial anxiety, the survey shows.

That’s why financial planner Jeff Rose it’s time for baby boomers to show some “tough love.” Rose, founder of Alliance Wealth Management in Carbondale, Ill., says baby boomers shouldn’t allow their adult children to move back home, even when they struggle to find a job or manage their money. If they do absolutely have to move back home, Rose says they need to pay rent and the terms need to be inked on paper.

“No casual handshake — or hug — and hold them accountable,” he says. If they aren’t willing to sign the agreement, they shouldn’t be able to move back in, Rose says.

Source: “Kick Adult Kids From the Nest, Speed Your Retirement,” USA Today (Oct. 31, 2015)

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