Grown children need to become financially independent

Baby boomers need to plan for retirement, excluding adult children in some casesIt is been a rough few years for generations across the board, but baby boomers seem to be sandwiched in between caring for their aging parents and helping out their grown children. It is necessary for baby boomers to save for retirement and find an end to their children moving back in, according to New York One.

"[Boomers need to consider,] are you expecting to be paid back if you provide some financial support? If somebody is going to move back in how long are they going to stay? How long does it realistically look for both sides? So they are very clear about it," Ted Beck of National Endowment for Financial Education told the news source. "You want to make rational decisions, not emotional decisions.

According to AARP, the generation of the adult children of baby boomers are being coined the "boomerang generation," as they return home after getting their degree to save money. With the tough economy, many of these 20-somethings are also receiving financial support from their parents while they seek a first job or a better job.

It is important that baby boomers put their retirement plans first and possibly consider relocating to a warmer climate or a retirement living community where they can be surrounded by their peers and have everything they may need close by.