302| Navigating a Multigenerational Household | The Financial Tortoise

<ul> <li>We are checking back in with Vivan from our Households of FI series who has been paired with mentor, Tae from Financial Tortoise, to go over strategies, best practices, and considerations for multiple generations living under one roof.</li> <li>In many Asian cultures, adult children are responsible for taking care of and being financially responsible for aging parents while also raising their own children, often referred to as the Sandwich Generation.</li> <li>Whether or not being financially responsible for parents is part of your culture, caring for or assisting them to make decisions as they age may be in your future.</li> <li>Tae writes from the perspective of the Sandwich Generation on his blog, Financial Tortoise. Living with him and his wife are his two kids and both of his parents. During the last 10 years in this living arrangement, he’s paid off $105,000 in student loans and is pursuing financial independence.</li> <li>Vivian has been fighting breast cancer while dealing with a separation and child custody battle. She also has her mom living with her, who is helping out with her child, but she finds that there are generational differences leading to misunderstandings. She has questions about what kind of disability or long-term care insurance she would be getting for them.</li> <li>At 61, Vivian’s mom doesn’t yet qualify for Medicare and hasn’t applied for Social Security, but she does have a small pension from working for the Los Angeles School District. Tae thinks there may be healthcare gap insurance available if her mom qualifies.</li> <li>Her mom retired from work last year. If she applies for Social Security early at 62, she’ll earn 20-30% less. If she waits until age 700, she’ll earn 20-30% more. As long as she has paid into Social Security for at least 10 years, she is eligible. If she hasn’t been receiving paper summary statements, she can check online and see what her estimated benefits will be.</li> <li>Tae’s parents moved in with him right when they began collecting Social Security.