The Essence of Success

When Johnny or Jill come marching home after losing jobs, guess which bunks they take? Well, of course the top in their parent’s home. Add to the burden a grandchild or two, and you have the sure-fire answer to why some seniors can’t retire at 65.
There are lots of folks in this new boat, as companies have downsized, and the recession continues to bring job losses to young adults who had looked for a life away from Mom and Dad and now find themselves back in the nest eating the same bird seed they hoped they’d left for higher perches. Many of them had trouble keeping those fancy, well-feathered nests, and crowded conditions aren’t a recipe for happy homes, especially for those not used to living extended family style.
In Britain it’s become enough of a problem that 40% of those adults who expected to retire at 65 now say they can’t because they have responsibilities in caring for adult children. This is a sizable chunk of older folk who can’t get into those golden years so long as they have extra family members to support. A poll taken of nearly 1500 parents with children ages 18 and older revealed the fact that seniors are saying their retirement has been significantly impacted so they can’t save enough for retirement.
Micki and Richard Snyder are retirees in the small town of Natchitoches, Louisiana. Richard works much of the time as a carpenter around Natchitoches, but work has been slow this season. Micki retired from Federal Civil Service work and takes in foster children. A daughter is returning home, after leaving a few years ago to make her way in New York City. She is engaged to someone in England, but because her visa had expired she had to return home. Home, however, didn’t have a job, so consequently she’s coming home to folks.
The impact on the Snyders? Micki Snyder talked about it like this, “She has no place to go right now, so we are taking her in. Of course, that will increase our responsibility and take time away from others. But I told her she has to contribute and do her part to help.”
The daughter has children, being raised by the grandparents, and isn’t expected to stay long. Micki explained, “She will be sleeping in a bunk bed. That’s the space we have. Explaining to the children will be hard. This isn’t an easy thing. It will be extra expense and time as well. But we’ll do the best we can.”
“How long will she be with you.?” Micki then replied, “Possibly just a few months; that’s what she says. She is planning to get married to some fellow overseas. I guess that’s it; we’ll know as we go along, but those are the plans so far.”
The Snyders are known in Natchitoches for helping others and doing the right thing to reach out in the community. But like many seniors, they enjoy their personal time as well but find that the combined issues of grandchildren to support and other responsibilities have caused them to delay full-time retirement. Happy they say they are, but nevertheless like other seniors with added family burdens, their personal plans in some regards have been delayed.
New York Life uses the topic to talk about retirement and how important it is to recognize the issues facing folks as they make their plans these days. The company writes about what are called “boomerang kids,” who are those young adults who have moved back home. In fact they note that according to the Pew Research Center in 2009 13% of parents with grown children acknowledge adult children have moved in with them. The trend is usually associated with difficult economic times. Monster’s 2009 Annual Entry-Level Job Outlook is quoted as observing that 40% of 2008 graduates still live with their parents and in October 2009, as observed by the Bureau of Labor Statistics, 15.6% of young adults from 20 to 24 years of age were unemployed and likely to be dependent on others for support. Many return as well because of their increased debt, from college loans and their attempts to live a lifestyle they could not afford.