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Here's How Much Retirees Are Spending To Support Their Adult Kids

By MrMagic following x   2017 Dec 10, 10:13am 1,326 views   12 comments   watch   sfw   quote     share    


At one point in time in America, living at home with mom and dad after crossing out of your teenage years and into your 20s was embarrassing and something that was generally avoided at all costs. And while hard times come and go, 20-somethings who were forced back into their parents' care worked their tails off until they could save up enough money to once again regain their freedom.

But, these days millennials seem to be embracing the free room and board provided by their parents. According to a new study from the Census Bureau, roughly one-third of all millennials live at home with their parents and one-fourth of them can't be bothered with enrolling in school or finding a job.

Of course, while living at home can help millennials cut down on costs, according to a new study from Nerd Wallet, it can also have a devastating impact on the retirement savings potential of their overly accommodating parental units...to the tune of a quarter million dollars. Here are some of the key takeaways from Nerd Wallet's survey:



So where is the money going..

Many parents of children 18 and older are paying or have paid for their adult children’s basic living costs, including groceries (56%), health insurance (40%) and rent or housing outside the family home (21%). Some parents are also covering or have covered their adult child’s cell phone bill (39%) and car insurance (34%).

In addition to these living costs, some parents of children 18 and older are paying or have paid for other expenses, such as clothing (32%), entertainment (20%), an allowance (10%) or a car loan (10%).

So, how long can your adult children be expected to interrupt your golden years? According to Nerd Wallet, 1 in 5 households surveyed said their adult children lived with them for more than half a decade.

Frankly, we continue to be shocked that all of those kids out there with $250,000 Art and Anthropology degrees are finding it difficult to land their dream jobs...




http://www.zerohedge.com/news/2017-12-09/heres-how-much-retirees-are-spending-support-their-adult-kids
#economics
1   FortWayne   ignore (2)   2017 Dec 10, 10:18am   ↑ like (2)   ↓ dislike (1)   quote   flag        

who collects retirement and pensions and social security? It's not the young, young are paying into it, and clearly not enough to keep the system going.

This government is unsustainable. It's overspent and overborrowed, with very little to show for it at the end. Social security of 1,100 a month is peanuts. But government pensions and benefits are much much higher.
2   anonymous   ignore (null)   2017 Dec 10, 2:17pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

FortWayne says
who collects retirement and pensions and social security?


Why should that money be spent on the freeloaders living in the basement versus on retirement expenses?
3   lostand confused   ignore (0)   2017 Dec 10, 3:15pm   ↑ like (0)   ↓ dislike (1)   quote   flag        

It used to be kids take care of you. Even around me, I see a lot of adult kids do nothing and live off parents. Democrat lifestyle of blaming somebody else , always being outraged and believing you are in some great crusades has its consequences. Mundane things like getting jobs, dealing with bosses and the 9-5 grind must seem so beneath them.
4   FortWayne   ignore (2)   2017 Dec 10, 3:33pm   ↑ like (0)   ↓ dislike (1)   quote   flag        

anon_03619 says
FortWayne says
who collects retirement and pensions and social security?


Why should that money be spent on the freeloaders living in the basement versus on retirement expenses?


I don't think that's how it works. Money is promised to be paid to current generation from future generation. It isn't a savings account. And I think government overspent and overpromised, they are failing to deliver on their promises. Social security of 1100 a month is shit. In CA renting a single costs 1100. But government had no issues spending on very lavish benefits for themselves. It's the taxpayers as always who pay the money, and get almost nothing at the end, while big communist government takes it all.
5   anonymous   ignore (null)   2017 Dec 10, 7:31pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

FortWayne says
This government is unsustainable. It's overspent and overborrowed, with very little to show for it at the end.


So therefore you know what let's do ? Let's cut taxes, and increase the deficit like never before.
6   WookieMan   ignore (0)   2017 Dec 11, 7:56am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Why are these parents letting their kids stay at home? My guess is they're soft. Didn't raise their kids well and spoiled them in the wrong ways.

You can't own a dog that is biting people and blame the dog. That doesn't work in court when your dog mauls some kid down the street. Not saying the kids behavior is right, but you can't blame the kids for their environment/upbringing in my opinion.
7   CovfefeButDeadly   ignore (4)   2017 Dec 11, 8:35am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Unemployment is at record lows. Illegals getting deported. Time for jr. and the misses to go get jobs.
8   CovfefeButDeadly   ignore (4)   2017 Dec 11, 8:39am   ↑ like (0)   ↓ dislike (0)   quote   flag        

FortWayne says
anon_03619 says
FortWayne says
who collects retirement and pensions and social security?


Why should that money be spent on the freeloaders living in the basement versus on retirement expenses?


. Social security of 1100 a month is shit. In CA renting a single costs 1100.


Time for them to get jobs AND move to a lower cost of living area.

Texas has plenty of jobs paying $15 and up. Thats $30K per year. X2 and you have $60K a year. In much of Texas thats plenty enough.
9   anonymous   ignore (null)   2017 Dec 11, 10:18am   ↑ like (0)   ↓ dislike (0)   quote   flag        

WookieMan says
Why are these parents letting their kids stay at home? My guess is they're soft. Didn't raise their kids well and spoiled them in the wrong ways.


These parents want to be best buddies with their kids, instead of being parents, and kicking their asses and showing tough love. After all, the little kiddies (snowflakes) have feelings, so they have to be protected.
10   WookieMan   ignore (0)   2017 Dec 11, 11:06am   ↑ like (0)   ↓ dislike (0)   quote   flag        

anon_f085a says
showing tough love

I know you're likely saying this to make your point, but that is part of the problem. What is supposed to be normal, should not be considered "tough love." The parents of Millenials, Boomers, are soft. They allow their children to behave this way. Some boomers did raise good kids, so don't take this as a blanket statement. The root of the problem is very likely caused by the group that likes to bitch about it the most. Boomers can point the finger all they want, but need to realize they have a thumb as well.
11   anonymous   ignore (null)   2017 Dec 11, 1:24pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

WookieMan says
The parents of Millenials, Boomers, are soft. They allow their children to behave this way.


True, I made that point about them wanting to be best buddies.

WookieMan says
What is supposed to be normal, should not be considered "tough love."


That depends, sometimes the kiddies don't respond correctly to "normal", so it takes tough love to get the point across. But, the parents need the balls to step up and enforce their wishes, what ever it takes.

WookieMan says
The root of the problem is very likely caused by the group that likes to bitch about it the most. Boomers can point the finger all they want, but need to realize they have a thumb as well.


The issue is that's it's not just the parents, although they have the final say. It's also the education system, sports team, outside groups, etc. all telling these Millennials how "special" they are, and everyone deserves a trophy. I remember watching these little kids play soccer, and the coaches weren't keeping score. I asked why, and the answer was "we don't want anyone's feelings hurt".

Really?? WTF, it's sports game, they're suppose to be winners and losers.
12   Quigley   ignore (0)   2017 Dec 11, 1:39pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Get off my lawn!




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