Seniors moving in with kids becoming more commonA new trend in the U.S. that had seen little media coverage is seniors moving in with their children to help make ends meet.1 “Poor economic times, elderly parents living well beyond their retirement savings, and a cultural shift to more family-centric living are all responsible for this growing phenomenon.”2
The reason for much of this change seems to be partly due to medical illnesses and increased need for care, but also the financial inability for many seniors to afford to live on their own. Because millions of retirees live on fixed incomes, they may have less money to be used for "extras.” And if seniors outlive their retirement savings, few options may be open to them. That's why many are moving in with their adult children and their families.
Baby Boomers typically had small families, and now those same senior Boomers are living longer. That means living situations may be even more strained in a matter of years when fewer family member caregivers are available.
To help avoid this predicament, saving for retirement should begin early. This will not only increase the amount of money available to you post-retirement, but may be able to keep you living independently, as well. You will potentially maintain greater financial confidence by purchasing an annuity for another steady income stream in retirement, which will help protect you against unexpected expenses and depleted savings.
Additionally, annuities accrue interest tax-deferred and might allow you greater maneuverability in later life. By the time you retire, you should be able to spend with greater confidence, knowing that your finances are in order and your future is more insulated from economic volatility. An annuity provides an alternate source of income with regular payouts or withdrawals* to help support your preferred lifestyle.
Get in touch with Joshua Mellberg or one of our licensed insurance professionals at J.D. Mellberg to find the best retirement income strategy for your needs. Be more confident you will not outlive your money with lifetime payments** from the right annuity option.
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*Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurance company and are not guaranteed by any bank or the FDIC.
**Some annuities may have a lifetime income guarantee as part of the base policy; others may have riders available that provide this benefit. Riders may also be available for benefits like an annual increase to help combat inflation or for as much as doubling your income in case of a qualifying health event. These annuities are not long-term care and are not substitute for such coverage. Optional riders may be available with a charge.
1 Patrick Kiger. “More Older Adults Are Moving in With Their Children.” AARP, Feb 05, 2018. https://www.aarp.org/home-family/friends-family/info-2018/adults-live-with-children-fd.html
2 “How You Can Lower Your Housing Costs.” Simply Seniors, accessed Dec 7, 2014. http://simplyseniors.com/mobility_and_housing/communities/moving_in_with_your_kids/
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