Even Boomers Are Moving Back in With Mom and Dad
Baby Boomers, who railed against parental authority in their youth, are increasingly turning to their parents for help with financial problems in their older years. According to data cited by the Los Angeles Times, about 194,000 Californians aged 50 to 64 lived with their parents as of 2012, an increase of 67.6 percent during the preceding seven years. Though more young Californians live with their parents, the numbers of older folks living with mom and dad rose at a faster rate. The newspaper’s conclusions are backed up by data from other sources. A few years ago, the Pew Research Center estimated that 17 percent of Americans lived in a multigenerational household, the highest rate since the 1950s. A 2012 report from the U.S. Government Accountability Office found that older workers who lose their jobs have a tougher time finding new employment than younger ones. Further exacerbating Baby Boomers’ woes is the poor state of many of their retirement savings. The median retirement household savings for members of the post-World War II generation is a little more than $100,000, which is not nearly enough.