Retirees can’t afford to stay retired, many are moving back in with family to cut cost (#364)

In this episode, host A.B. Ridgeway dives into the rising trend of multi-generational living as an unexpected but beneficial solution to the financial challenges retirees are facing. With inflation and high living costs, many families are blending households, but is this a step backward or an opportunity to strengthen family bonds? A.B. discusses the importance of planning for retirement, the benefits of combining resources, and how unconventional solutions, like accessory dwelling units (ADUs), can enhance both financial and personal well-being.

Key Takeaways:

1. Financial Strain on Retirees: High inflation is making it difficult for many retirees to maintain their standard of living, causing some to move in with relatives.
2. The Benefits of Multi-generational Living: Combining households not only reduces expenses but also offers emotional and practical benefits, such as shared childcare and closer family ties.
3. Unorthodox Solutions Can Work: Accessory dwelling units (ADUs) and other shared living arrangements can be a practical, cost-saving approach without sacrificing independence.

Memorable Quotes:

1. "The goal is to retire and stay retired, but for many, that’s no longer the reality."
2. "Why pay for two mortgages when you can take those assets and put it into one family?"
3. "Just because it's not the way it's traditionally done doesn’t mean it’s not a way to be done."

If you're unsure about your retirement plan or want to explore innovative ways to prepare for the future, schedule a free 30-minute consultation with A.B. Ridgeway. The link is in the episode description.

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