How Your Children Impact Your Retirement - No Matter How Old They Are
Sadly, Many Adult Children Still Live with Their Parents in Part Due to Depression or Substance Abuse
We've been talking about children. Let me ask you this. Have you already got children? If so, you're probably delaying your retirement plans. You're worrying about your child's emotional and mental health. And by the way, I'm not talking about your little children. I'm talking about your adult children.
A third of adults ages 18 to 34, now live with their parents. 60% of them say that they suffer from anxiety and depression. 25% have abused drugs or alcohol to cope with the pandemic. This is a huge challenge. You thought when the kids became 25 or 30 years old, they'd be out of the house. Well, they're not out of the house. They're back in the house because of the challenges that they've been experiencing over the past several years.
Don’t Blame A Delayed Retirement on Inflation
This is causing 25% of Americans to delay their retirement. And a lot of them are saying it's due to inflation. It's due to the fact that their children are now living at home and that's a homeowner's inflation. In other words, I'm not talking about the nation's inflation. If you and your spouse are empty nesters and suddenly your 30 year old moves back home, you now have a 50% increase in the number of people in that house, 50% increase in the cost of food, etc. So this is a huge challenge and it is causing a lot of parents in their 60s and 70s to alter their own retirement plans.