Skip to main content

The Pros and Cons of Living Near Family in Retirement

By U.S. News & World Report

Figuring out where to live is one of the biggest retirement decisions you will make. Your location helps set your retirement budget and also determines the “flavor” of your retirement.

You might want to be a jet setter in a teeny apartment who spends time traveling, or you could live in a vacation destination where your kids and their families will be eager to come visit. Perhaps you will prefer to live near your family members so you can cheer on the grandkids at their concerts and games.

[See: 10 Ways to Reduce Your Housing Costs in Retirement.]

Residing near your family members might mean helping to care for your aging parents, sharing space with a sibling or spending more time with your children and their families. There are definitely advantages to living near your family during retirement, but there can also be drawbacks. Here are some factors to consider before relocating to live near relatives.

Benefits of Living Near Family

You can be a big part of your grandkids’ lives. Perhaps the main reason retirees choose to live near their children is so they can have strong relationships with their grandkids. Being able to show up for the athletic events, school concerts and birthday parties can be a rewarding way to spend your retirement years.

You’re available to help your kids as they grow their families. You might want to make yourself available to help your children as they juggle kids, careers and other responsibilities. You will also be able to provide assistance if there’s a crisis, which could help you to sleep better at night.

You’ll have a built in social network and support system. When you’re close to family, you will be able to see people you love for dinner and parties on a regular basis. You can also count on help with chores like yard work and moving furniture when you need it. Without relatives nearby, you might have to pay someone to help with tasks you can’t complete yourself.

You can help your siblings and parents more easily. Care giving is especially difficult when you live hundreds of miles away. Living near extended family may make it easier to help care for aging parents and siblings when they need it.

You may not have to move at all. If your kids have stayed close to home, you might be able to remain in your current area where you probably have friends and other social connections. Plus, moving is a lot of work and a big expense that you can avoid if you stay put.

[See: 10 Tips for Finding a Great Place to Retire.]

Drawbacks of Living Near Family

You can’t be the go-to vacation destination if you live next door. When you are a local grandparent you get to be part of your kids’ and grandkids’ everyday lives. In contrast, some retirees prefer living in relatively exotic locations where their families will visit often.

You won’t get to choose your retirement location. When your primary goal is to live near family, you’re at their mercy for choosing your retirement destination. You may have to move to an undesirable or expensive area to be nearby.

You may have to follow your kids around. If your kids move frequently as they get new jobs, you’ll have to move to follow them. This can get especially difficult if your kids move often as they establish a career.

You may become the default babysitter and errand runner. Living near family without boundaries in place can get to be a lot of work. Your kids may rely on you too much as an on-call babysitter, making you feel like retirement is more work than a paying job.

Caring for elderly family members can be burdensome. Most of us want to help care for our parents as they age. But if you’re the only sibling in town, the bulk of the burden may fall on you. This can become difficult if your parent needs long-term care.

[See: 10 Retirement Hot Spots in the U.S.]

Living near family allows you to be involved in day-to-day family life, which can mean forming deeper bonds with your family members as well as a lot of extra work. The key is to take your priorities and your family’s personality into consideration. Be sure to have plenty of conversations about boundaries and expectations before you relocate to be near family members during your retirement years.

More from U.S. News

The Top Travel Destinations for Retirees

7 Tips to Maintain Social Connections in Retirement

10 Ways to Celebrate Your Retirement

The Pros and Cons of Living Near Family in Retirement originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
Read Next Story

Related News

What DC-area photographers who usually cover concerts, theater and events are doing for you now

Three popular restaurant chains post layoff notices for nearly 3,000 in Maryland

Weather service confirms that tornado hit Caroline County, Md.