The period of young adulthood has transformed dramatically over the past few decades. Today, scholars refer to “emerging adulthood” and “transitions to adulthood” to describe adults in their 20s. Prolonged youth has brought concomitant prolonged parenthood. This article addresses 3 areas of change in parent/child ties, increased (a) contact between generations, (b) support from parents to grown children as well as coresidence and (c) affection between the generations. We apply the Multidimensional Intergenerational Support Model (MISM) to explain these changes, considering societal (e.g., economic, technological), cultural, family demographic (e.g., fertility, stepparenting), relationship, and psychological (normative beliefs, affection) factors. Several theoretical perspectives (e.g., life course theory, family systems theory) suggest that these changes may have implications for the midlife parents’ well-being. For example, parents may incur deleterious effects from (a) grown children’s problems or (b) their own normative beliefs that offspring should be independent. Parents may benefit via opportunities for generativity with young adult offspring. Furthermore, current patterns may affect future parental aging. As parents incur declines of late life, they may be able to turn to caregivers with whom they have intimate bonds. Alternately, parents may be less able to obtain such care due to demographic changes involving grown children raising their own children later or who have never fully launched. It is important to consider shifts in the nature of young adulthood to prepare for midlife parents’ future aging.