Multigenerational households are very common around the globe but less common in the United States. There are several factors that contributed to multigeneral living.
1. Care Taking
This was the number one reason we decided that multigenerational living was right for us. Ultimately, we wanted to oversee and ensure my husband’s parents would be well taken care of. The best way for us to do that is to be the main care givers. I personally wouldn’t want my care to be left to strangers that are paid marginal wages to ensure my health and safety at a place where my child cannot monitor my care closely. Therefore I wouldn’t consider treating my husband or my own parents that way. My husband’s parents are fortunately in excellent health now but they live in a good size house that demands more upkeep everyday. We decided now was the perfect time to start this transition.
2. Combine Finances and Save!
Ever dream of retiring early? Or financial freedom? We sure have! One of the ways to help accomplish that is by reducing our expenses. Everyone can save more and lighten the financial load by chipping in under one household. Bottom line: this is the only way to ensure that if any major expenses come up, we will be able to afford it. The home we are moving into is paid off. We will have to do extensive renovations to make it comfortable for everyone. However, it’s still much cheaper than living separately or with a full mortgage. We also plan to add a larger percentage to our retirement savings at the same time. We will rent our other property and slowly have it generate positive cash flow. Hopefully, that property will be future retirement income.
3. Our Daughter
You can’t quantify this but our daughter will have the opportunity to spend extensive quality time with her grandparents. She will certainly be bilingual since 3 out of 4 adults in the household will speak English and Korean. The neighborhood is also ideal for raising children. It boosts a Grade A Elementary school, park, swimming pools, wooded trails and ALL within walking distance!
4. Cultural Expectations
In Korean culture, there has traditionally been an expection that children will take care and provide for their elderly parents. Depending on the income level, you may even say their children are the “retirement program”.
In America, many adult children tend to regret not spending enough time with their aging parents after they pass. This will give us the opportunity to uphold those cultural expectations and have no regrets with the amount of time spent together!
There you have it! The main reasons we have decided to give multigeneraltonal living a try. Of course, there are other more minor factors that add in. There are also the benefits to consider that my husband’s parents receive on their end. Thanks for stoping by and check back to see how we are doing!