When the value of stocks and bonds in your portfolio has declined, tapping the bonds of your family can be a valuable asset — especially in retirement.
Joseph Jastrzebski, a 68-year-old manager at Home Depot, wants to retire soon. When he does, he and his wife, Valerie, plan to move in with extended family.
The Sayreville, N.J., couple already live part-time with their daughter, son-in-law and grandchildren. Once they sell the family home the Jastrzebskis will move in permanently.
"It will afford us an opportunity to save money and have something left for our children," says Valerie, a 63-year-old secretary. "We are doing it because this is a situation that presented itself that is ideal for everyone."
Valerie's daughter, Sarah, mother of a five-month-old boy and step-mom to two teenagers, is working as an administrative assistant while studying for a master's degree in holistic health studies. She agrees combining their households makes sense.
"A lot of times now with retirement we see someone ends up in a nursing home or other facility like that," Sarah says. "I think staying with your family is the way to go."