Before I get to my newsletter, I need to slip this in..
This month I am going to break with tradition and talk about something that I have not considered for myself in Retirement, but it is a concept that I find crossing my newsfeed regularly, as it is steadily increasing in the US. That is the trend towards multi-generational living.
Multi-generational living refers to two or more adult generations living in one household.
This could involve different generations within your own family living under one roof, or on one piece of land with separate dwellings. Many Millenials are unable to afford to move into their own home, so have remained living with their parents. Now we are also seeing them moving back when they are married to live intentionally together with their parents in a multigenerational environment.
For those who don’t have the option to move in with their children, there is also the concept of communal living. That is, sharing the living space equally, alternately with private sleeping areas and communal living areas, such as living room, kitchen, and dining room.
The third option is to rent your guest room or suite to a younger tenant, such as a student.
The advantages of multi-generational living:
- Sharing of costs such as mortgage or rent and utilities
- Shared responsibilities, such as maintaining the garden, babysitting, and caring for someone who is ill
- Security of having strong, healthy young people around to assist
- Mixing with younger people regularly keeps one younger in mind and spirit
The disadvantages of multi-generational living:
- Sharing your space may bring a lack of privacy, if not planned carefully
- The younger generations tend to be on the move, so the population may change
- Set the boundaries BEFORE you all move in together, to avoid awkward times later
- Draw up a contract and get legal assistance. It is much easier when everybody knows upfront where they stand.
As we grow older, we find that we need people around us. Many of us no longer or never have had a spouse to share our lives, and in many cases, children and grandchildren are on different continents. This can leave one feeling very lonely and isolated as one grows older. The Lockdowns during the pandemic have proven for many that creating a small, safe community around you is perhaps the best way to mitigate the effects of loneliness in these strange times.
Is multi-generational living an option you have considered? If so, I would love to hear how you have found it.
A quick reminder to visit my Youtube Channel and I sitll have a few places on my workshop in August, if you would like to join us.