Business Innovators Radio - Episode #64 – Boomers Moving In With Kids – The 15 Minute Financial Feast Podcast – With Mark Triplett & Troy Westendorf

Episode Date: May 16, 2024

We believe that every dollar has a purpose and a timeline. When and how your retirement assets will be used should be understood before making important financial decisions.The Triplett-Westendorf Purpose and Timeline 5 Step Planning Process (PT5) begins with Discovery.Understanding where you are now, and then defining where you want to go (Your Purpose) and when you want to get there (Your Timeline), programs your financial GPS. Our Purpose and Timeline 5-step process (PT5) programs your financial GPS.Learn more: http://triplett-westendorf.com/ | https://mypt5.com/The 15 Minute Financial Feast Podcasthttps://businessinnovatorsradio.com/the-15-minute-financial-feast-podcast/Source: https://businessinnovatorsradio.com/episode-64-boomers-moving-in-with-kids-the-15-minute-financial-feast-podcast-with-mark-triplett-troy-westendorf

Welcome to the 15-minute financial feast podcast, bringing you 15-minute segments to help you retire with purpose on time. We're serving up food for thought and bread for the head. Are you hungry to learn? Here are your hosts, Mark Triplett and Troy Westendorf. Welcome to another episode of the 15-minute financial feast. Today, you are listening to the audio from a live television interview where one of our favorite local news station anchors asked us questions about a financial feast. topic on the minds of many hardworking folks in our community who are trying to make good decisions and get ahead. Well parents, how many of you have complained about your kids running short

of money and moving back home? Can you relate? But now the tables have turned. Financial Foot Professional Mark Triplett from Triplett Westendor Financial Group joins us with this trend that we're seeing. So a trend to make financial ends meet, how many boomers are moving in with their children? Well, let's put a perspective, how many adult children live? with their parents. It's like one in four right now, age 20 to 34, that are living with their parents, which probably doesn't come as a shock to anybody. But when boomers were in their 20s and 30s back in the 80s, there were only about 12% of households that were multi-generational. That trend has really picked up. And what we're seeing now is that from 2001 to 2021, about a 3%

increase in actual parents moving back with their kids. And if we see this trend continue, we're going to see more and more folks moving back in with or at least asking to move back in with their adult children. And the cause behind this probably a variety of things, but what are some trends that you're seeing? Definitely a variety of different reasons, but most of them are money related. Child care is a big one. Folks that have young children in the household, you know, they're having their parents or the grandparents move back in to help out with child care. In 2023, the average cost of daycare for one infant's, one infant, rather, rose 13% to almost $17,000 a year. And for toddlers, it's not much less for a little over $15,000 a year.

So if you do the quick math on that, from infant to school age, you could be spending over $76,000 on child care between those years. So having a parent move in and help those costs can be, can definitely help out a household. Now, on the other hand, elder care becomes another issue with folks aging. They need more intensive health care. They need assistance with daily tasks. Elder care services are extremely expensive, and boomers who can't afford it just may be forced to have to ask to move in with their adult children so they can help out. My family is in sort of a rotation of this, and ultimately, you know, my siblings have had to make choices moving back in at home.

My grandfather has moved in with my mom after my grandmother passed away. So it's like if you can make it work, if it is an option, it's a luxury, I think, to be able to move in with family. You know, especially you think of cost of housing. Prices of living is going up. So I think that this is, if you're fortunate to have family, you can move in with. I think it's a very smart option. And, yeah, you know, you look around the cost of houses. it racks up very fast. What's the silver lining here? I mean, how long do we expect to see this

trend? Well, I think the trend will continue. Housing costs are elevated. Inventories low. Prices are high. Interest rates are higher than we've seen over in over a decade. It makes it more difficult for somebody to maintain a household on their own. But I love what you just said there, because I was giving a lot of thought about that this morning as we were preparing for our topic today. And if you have that tight-knit family where you can have multi-generations living under one roof and still all get along, that's a blessing, not a curse. Unfortunately, there are a lot of folks that are not in that situation. They're either across country and their kids have moved out and it's difficult. But I think that's a really good way to look at things, Samantha.

Especially, you know, my grandfather is not lonely. He does not have to live by himself. And it's better we'd rather have him at home than in a, you know, nursing home. So all good, good tips, good advice for people navigating financial challenges. Thank you so much, Mark. Thanks for having me. You've been listening to the 15-minute financial feast podcast. Remember, every dollar has a purpose and every dollar has a timeline.

If you have questions about today's topic, schedule a call with a team member. Visit www.mip5.com. Until next time, be sure you're taking steps to retire with purpose on time. Mark Triplett is an investment advisor representative of and advisory services offered through Royal Fund Management LLC, an SEC registered investment advisor. Nothing contained in this program should be considered an offer to buy or sell securities. Different investments have different risks associated with them, and not all investments are appropriate for all investors.