Family: What Does It Look Like To You?

The structure and definition of “family” in the United States is changing. Census Bureau data shows that as of 2015, nearly half of American adults do not live with a spouse – compared to only a third who didn’t in 1967. Researchers have identified seven different modern family types:

TRADITIONAL:

Two married adults of opposite sex with at least one child under 21 living at home

MULTI-GENERATIONAL:

Three or more generations living in the same household

SINGLE PARENT:

One unmarried adult with at least one child under 18 living at home

SAME SEX:

Married or unmarried couples living together with person of same gender, with or without children

COMBINED:

Parents married or living together with one or more children from a previous relationship

OLDER/YOUNGER:

Families with at least one parent over age 40 and one child under age 5

RECURRING:

Adults age 40-65, married or living together with at least one adult child age 21-35 who returned home to live with a parent

Families have become more diverse and their needs more complex: Older parents with young children may be concerned about planning for retirement and saving for college simultaneously, while multi-generational families may be facing in-home or other health care expenses. Whatever your demo or dynamic, you’re not alone…

What are your short and long-term needs and goals? We can help you determine where you stand today and what options you have now and for the future.

Sources: U.S. Census Bureau, Now What Research, The Future Company, Allianz USA