May 21, 2020
Even before this crisis upended our lives, building financial security was something many of you struggled with. The bills get paid, maybe a little gets saved, but you feel like you can never really get ahead and save a lot for retirement. Or worse, the unpaid credit card balances keep growing.
As we all are rocked by the current health and economic crisis it can lead us to think long and deeply about our goals, our hopes, our fears. For us, for our family.
I want to share a possible step you and your family should consider.
Move in together.
You move in with a kid, or they and their family move in with you. Or you all decide to hunt for a place where you all can move in together.
I am not suggesting you make a move ASAP. What I want is for you to start talking about whether this might be a win-win for your family. Financially, maintaining a home—whether you own or rent—is likely your single biggest monthly expense. How would your finances look if you shared that cost?
Moreover, as I explain in my new book, The Ultimate Retirement Guide for 50+, as we age, it is wise to live in a home that works for us emotionally. I think you may all benefit from being closer as you age. And for those of you with young grandchildren, my guess is you may enjoy more together time, and their parents would be thrilled to have you available for some caregiving (to be clearly negotiated!).
Again, this is not something you decide over one weekend chat. It is something you slowly and carefully consider and discuss openly. The longer you plan ahead, the more options you may have. Maybe the detached garage is converted into a nice studio apartment for you. You’re near, but also have truly private space. (Of course, local zoning laws need to be followed). Or you start house hunting as a multi-generational family, looking for a neighborhood and a layout that works for everyone. Will tradeoffs need to be made? Of course! But if all parties have a clear picture of what tradeoffs they won’t mind, then you all may find moving in together can work financially and emotionally.