Now it’s Boomers! Yes, according to a report in the LA Times, “older people are quietly moving in with their parents at twice the rate of their younger counterparts.” For the seven years 2005-2012, the number of Californians age 50 to 64 who live in their parents’ homes jumped 67.6% to 194,000, according to the UCLA Center for Health Policy Research and the Insight Center for Community Economic Development.
The main reason: dollars and cents. True, some are moving back to their parents’ homes in order to take care of those parents (who would be in their 80’s or 90’s) but for the most part it’s due to the financial squeeze caused by the Great Recession. Either their nest egg has been wiped out, or they’re unemployed, or both. Long-term unemployment is a big problem: the number of Americans 55 and older who have been out of work for a year or more stands at 617,000 – five times what it was at the start of 2008 when the recession began.
The article lays out the emotional toll this is taking. Boomers, after all, are supposed to be the super-competent generation who take care of everyone else. Says public policy consultant Jenny Chung Mejia, “”It’s unexpected vulnerability at this point in your life. When you’re supposed to be the provider, sort of the rock for yourself and your family and maybe your parents, the table just gets turned on you and the rug gets pulled out from under you.”
When you look at it in percentage terms, it’s a dramatic story. But the absolute numbers give a different spin. The 194,000 California Boomers who have moved back in with their parents compares to 1.6 million Californians age 18-29 who have moved back home.
Even so, it’s a sobering reminder of the financial vulnerability faced by the Boomers, whose retirements are seriously underfunded. Thus, the pressure to keep on working, as opposed to retiring “on schedule” at 65.
You can check out the entire article here.