Alert
Close

Take AARP’s Smart Driver course and you could save money on your car insurance. Learn more

Technology and Innovation

 

 

Think You Know AARP Caribbean Cruise Sweepstakes

 

 

AARP Auto Buying Program

 

 

AARP-iPad-ePub-app

 

 

Military and Veterans Discount

 

 

AARP Real Possibilities

 

New Book

Dating After 50: How to get back in the game

Dating After 50 For Dummies

Contests and
Sweeps

Safe Driving in 2014 Sweepstakes

Learn how AARP Driver Safety can help you stay safe—and enter for a chance to win $1,000. See official rules. 

Webinars

Sign up now for an upcoming webinar or find materials from a past session.

 

Home & Community Webinars

Family & Caregiving Webinars

Popular Articles

Viewed

FREE FUN!

AARP Games - Play Now!

Poll: Are You a Real Techie?

Multigenerational Living

Tough Job Market Forces Families Into Multigenerational Living

Greg Womack, president of Womack Investment Advisers and author of the bookWisdom and Wealth,says the key to maintaining workable multigenerational living situations is clearly defined legal and financial spaces and roles.

“Children should be very careful in commingling parents’ assets with their own, such as being added as a joint tenant on accounts, deeds and titles,” says Womack. “Get a durable power of attorney in place for each parent. Get a health care power of attorney for each parent. Have a regular financial checkup with the parents.”

Womack adds that these clearly delineated responsibilities will help make intergenerational living much smoother and will empower parents and children in an emergency. His first piece of advice: Sit down with your parents and talk about these issues. That’s especially important for recent college graduates living with parents or grandparents. A lack of clear discussions about responsibilities and expectations between the parties in a multigenerational home can leave both sides unsatisfied, Womack says.

Jensen, for one, struggles to help her grandparents out. But without a job, there’s little she can do financially to contribute to the household. Instead, she tries to reduce her impact on shared expenses and bills. “I’ve been buying in bulk, shopping less,” she says. “The electricity bill has been a real problem. We’re trying to cut back on heat, too.”

Jensen says that she will continue to look for a job, in the hopes that someday she will be able to provide for her grandparents. In the meantime, she is trying to accentuate the positive in a difficult situation.

“I didn’t ever see myself moving back home after college, certainly not for a long time,” she says. “But every day at home is another day I get to spend with my grandmother.”

Freddie deBoer is a writer living in Connecticut.

Topic Alerts

You can get weekly email alerts on the topics below. Just click “Follow.”

Manage Alerts

Processing

Please wait...

progress bar, please wait

Tell Us WhatYou Think

Please leave your comment below.


Discounts & Benefits

From companies that meet the high standards of service and quality set by AARP.

Cereal

Members can download and print coupons for cereals from Kellogg's®.

Grocery Coupon Center

Members can print savings coupons at the Grocery Coupon Center powered by Coupons.com.

membership schwanns discount

Members get double Schwan’s rewards on all online orders from Schwan's Home Service™.

Member Benefits

Join or renew today! Members receive exclusive member benefits & affect social change.