KTVN Channel 2 - Reno Tahoe News Weather, Video - Baby Boomers Face Recession, Retirement and Family Challenges
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Baby boomers have traditionally been known as big consumers, but in the wake of the economic crisis, and with the oldest facing retirement now, many boomers are seeing adult kids move back home.
Others are caring for aging parents. "We used to talk about the ‘sandwich' generation. Now it's the ‘club sandwich generation' with many layers. You have the grandparents, parents, children and great grandchildren all living in the same house," says AARP Bulletin Editor Jim Toedtman.
All that can put a strain on any boomer's budget and that can prompt some important family discussions. "The rules have changed here. The realities have changed here. We're trying to accomplish a whole lot more on a very limited income."
And that can lead to some serious sacrifices.
"You're going to have to learn to adjust the spending. You're not going to go out for entertainment perhaps as much as you did. You're just going to have to be adaptable and flexible in your spending."
When it comes to lending money to family members, the experts say to think it through, ask questions, and don't be afraid to just say no.
"If the person says, ‘well I just want to upgrade my car or I need to take a vacation and I just can't afford it.' That's going to have a real impact on your decision whether or not you're going to lend money," says etiquette expert Nancy Mitchell.
