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New trends hit rainy day fund

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Today as caregivers struggle to make the most of the meager savings left to them by the collapse of the housing market and banking fiasco; there is yet another hurtle to get over. Many caregivers today have felt that the savings and nest egg they have to provide for them through the retirement years has been their house. Not so reports CNN, www.money.cnn.com ; looking at the changes in buying and lifestyles of our younger generation of adults.

Primarily due to the cost of automobiles, gasoline and the knowledge of how all savings can be wiped out in the blink of an eye; todays homeowners are looking closer into the cities, making sure the mass transit system is working well and small apartments (mini-homes) are in the budget. Younger people today are looking at a different American Dream. Ask any parent within stones through of a city, and there is the knowledge of cost associated with owning, driving and insuring and automobile. Less and less of our younger generation even in the suburbs are driving (even getting a driver license seems to be a luxury) not sought after.

So where does all of the information regarding automobiles take us; Housing is another victim of the younger mindset. Mass transit will be developed far surpassing what we call it today and thus, the American Dream of owning a home appears to be lost in the nether reaches of the New American Dream. www.newdream.org looks at the philosophy of new and better which is not necessarily the direction of our younger generation, they appear to be looking to ‘Obsolescence’ as a guide for the future. Next Avenue publications (Next Avenue l PBS nextsocial@nextavenue.org) has brought this to our doorstep and we must read it just like the daily newspaper, which is now online and a tablet, computer or cell phone are the focus of our morning coffee.

So where does all of this leave caregivers of today? Looking at what is the best decision for us the great liquidation (the family home). This was the ‘rainy day fund’. Thought to always be available for emergency needs and a nest egg for our old age; the family home is now teetering on a sloping hillside. Caregivers find themselves needing a quick lesson in financial matters regarding the prospectus of what was once a solid investment. And what about having that home to stay in during the later years? The upkeep and reverse mortgage trend maybe more than can be expected of someone totally responsible for another’s life. There will, of course, be new trends and lifestyle changes for our population. Let’s just not leave the caregiver behind in the move to ‘less is more’.

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