[VIDEO] They're back. The "Boomerang Kids" are moving back in with Baby Boomer moms and dads.
They're back. The "Boomerang Kids" are moving back in with Baby Boomer moms and dads.
Boomerang Kids are young adults who left to go to college, get married or just strut their independence and are now returning to the safety net of our homes – where life is comfortable and rent is either low or nonexistent.
Especially during tough economic times, adult children head for home. Census figures show that 56 percent of men and 43 percent of women ages 18 to 24 today live with one or both parents. For an estimated 65 percent of recent college graduates, it made smart economic sense (to them) to move back in with us while they get their finances in order. Then, of course, some of our kids return home for purely personal reasons - they simply can't afford the lifestyle on their own that we gave them growing up.
For the most part, we are happy to help out our kids. Boomerang Kids returning home can be a wonderful time of family closeness. They can be cheerful and good company, especially for Mom who might like their company and see it as a benefit of the return to the nest. But be cautious Baby Boomer parents. Boomerang Kids returning home can be mixed blessings - both emotionally and financially. There are risks, especially for us. These include family tension and misunderstandings as well as real financial considerations. It is very possible that this renewed arrangement under certain terms may not always work out to everyone's satisfaction.
'Boomerang Kids Discussion
Our Kids returning to the nest can become a financial burden that can derail the plans and even jeopardize our own financial future, especially our retirement, as we try to do too much for their children. This is the time when we Baby Boomers need to be stashing cash at an accelerated pace to meet retirement needs.
Setting the tone, laying out the ground rules, and making smart–money financial decisions can help create a positive, supportive environment that is in our best interests as well as that of our returning family members. Good luck.
