Of course, the ideal situation is that anyone aging remains able to cope with the responsibilities of home ownership. He or she or they will be able to take care of themselves and live safely where they are.Older Americans are unlikely to remain healthy enough (and sufficiently independent) to go it alone indefinitely. Moving in with family may be the only option, because assisted living facilities average $3,261 to $6,390 per month.
These numbers are a bit frightening. The closer you get to being 50 years and older, the higher the probability is that the work you now do will be done by someone younger. You will find yourself with a serious reduction of income, and you will likely have a need for health care you didn't plan for.
The fact is that adult children probably won't be able to ride to the financial rescue for their parents: They have their own bills to pay for, the mortgage and they have to save for their own retirement.
Prepare for the Future
The over-50 population today is actually the fastest growing labor group in America. This might have something to do with the economy, or the fact that this generation is outliving any previous generation and needs a job.
It's estimated that there are 79 million baby boomers, and in 2011 they started turning 65. This means 10,000 Americans have been celebrating their 65th birthday every day for the last FOUR YEARS and that will continue for the next 18 to 20 years.
Happy Retirement Living
People used to look forward to stopping work, but in the 21st Century... getting the traditional gold watch followed by the eternal vacation and golf 'till you drop is gone.
Retirees used to depend on a pension plan and social security for income.
Unfortunately, pensions and benefit plans have become obsolete, and many investments meant to take their place dropped in value with the financial implosion of the last three years.
Retirees today face investment losses, low interest on savings, and according to the latest reports — a reduction of 50% or more in the value of their home… which ends plans to sell the big family home, buy a smaller retirement home and add the rest of the profit to a retirement nest egg. Some won't see the lost equity come back in their lifetimes.
To make matters worse, the past recession and current slow economy has wreaked havoc on many. The price of basic living is not going down. Jobs are scarce, especially for those 50 and over.
Consider starting a home business.