Many seniors moving back with family

Throughout history, plenty of young adults have moved in with their parents during tough times. It would appear that with hard financial times hitting older Americans, many parents are asking their children to return the favor.

A report from the Pew Research Center, found that a record 16 percent of the population - 49 million Americans - lived in extended-family households in 2008. The figures were partly the result of a growing number of seniors and older Americans who have had to move back in with their families because their retirement portfolios were growing thin and the cost of housing was becoming too prohibitive.

The living arrangement can actually be beneficial for parents with young children, since living with their grandparents helps children develop a sense of respect for their elders, said the report. And seniors moving in with their families can care for grandchildren while their parents are working or perform household chores to help out.

At the same time, other seniors might require extra care or an independent lifestyle that they can't get by living with their children. In that case, moving into an assisted living center - as nearly 1 million Americans have done, according to the National Center for Assisted Living - might be a better idea.
 

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