Wednesday, June 22, 2011

Downsizing while kids are still there

Ellen James Martin, AZ Republic, June 19, 2011, says those “boomerang kids” who don’t leave home or come back after college because they can’t find a job are ruining plans to sell the house and get something smaller.

I remember my father worrying about wanting to leave the house to us kids—our home. He had to sell for health reasons. Long story.

By age 25 to 29, the chair of the Network on Transitions to Adulthood said, kids usually leave. Mine is 29—she’s in back right now.

If you need a smaller place to make retirement work, they said, stay with your plans.

Have a family meeting. Maybe offer the kids a rent subsidy so they can leave.

Or buy a cheap foreclosure house for them to live in.

Sure—this is all fine for people with money. For now, my daughter likes it here and she helps out.

I wonder how many of these “authorities” are broke, in a down market, and don’t really have all these options.

I have also heard of two cases lately where, somehow, the kids kick the parents out of the old homestead. This can't be a good sign.

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