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Dear mom and dad, are your finances ready for retirement?

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While multigenerational households are an expectation in many countries, only about 20 percent of households in the United States are multigenerational, according to a Pew research center analysis of census data. Of course, a multigenerational home helps stretch the parents' retirement fund, but the decision has many more benefits than just money. Mainly, it reduces social isolation, which in turn can promote a healthier physical and mental state. You just need to be careful how you approach the issue.

"Ninety-nine percent of the time the way children approach is: 'Mom and dad, we're worried about you. You can't do everything you think you can & # 39 ;, and it's about taking away their freedom, "said Lisa Cini, president of Mosaic Design Studio, which provides design services for health care institutions, long-term care and for the elderly." I think that is the exact wrong approach. You need to move them from fear of freedom, not vice versa. "

Ms. Cini moved her grandmother and her parents to the house she shared with her husband and teenage children, which she details in her book "Hive: the simple guide to multigenerational life."

Instead of using scare tactics, Ms. Cini advises that she begin by asking parents what they have problems with, such as maintaining the yard or maneuvering the design of their home or feeling lonely.

Then, describe the benefits to you of having your parents move. Perhaps your parents can monitor children or pets while traveling or help offset the cost of certain bills or help you manage meal preparation during the week.

But living together under one roof is not a solution for everyone.

Other options to help their parents without moving them could be to help them find help at home, visit them more frequently to reduce the feeling of isolation or financially subsidize their current home.

A natural extension of the conversation about retirement is estate planning, which is possibly even more complicated. Now he is mentioning the inevitability of their deaths and, if not done with tact, it may seem that he is trying to sniff out details of an inheritance. However, you can avoid that if you do not immediately focus on a will.

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