When the Baby Boomer generation left home, they didn’t look back. They couldn’t. Not with younger siblings and physically smaller living quarters.
But a change in family dynamics, coupled with the economic deck stacked against many young adults, means that modern twenty-somethings now are likely to return to the nest at some point, which can impact the retirement plans of their Boomer parents.
By Karen Penney
“Children are taking longer to leave home, they are staying in school longer if they don’t have immediate employment prospects or opportunities, taking longer to find stable jobs, longer to get married, longer to have kids,” Daryl Diamond, financial planner and author of Your Retirement Income Blueprint 2011.
Mr. Diamond said a gritty job market and costly rental housing sends those who have recently finished post-secondary school back to their childhood bedrooms.
On top of the added grocery and utility costs of having another person in the dwelling,