NEW YORK – The United Kingdom calls them kippers, short for “Kids in Parents’ Pockets Eroding Retirement Savings.” The United States refers to them as “boomerang babies.”

And this year, 64 percent of 2004’s college graduates in the United States join the ranks of adult children returning to live at home, reports MonsterTrak, a division of online job-hunting site Monster.com.

Adult children come home for various reasons. They may still be job hunting or have a first job that doesn’t pay well.

They’re also shouldering the new burdens of student loans and monthly payments for insurance and credit-card debts.

No matter what your child’s plans, it is important to lay down some ground rules.

In her book “7 Money Mantras for a Richer Life,” author and Washington Post columnist Michelle Singletary recommends that you and your child write a live-in agreement.

It’s a way to get your child get on the right track for independent living, without jeopardizing your own finances (or sanity).

Your live-in agreement should include decisions on rent, telephone, food and utility charges (namely, how much your child will contribute and when the amount is due).

Decide whether smoking and overnight guests are allowed, and outline household responsibilities.

Establish consequences for dishonoring the agreement.

Determine how long your child plans to stay.

Set a definite length of time, Singletary says – don’t leave it open-ended.

In the MonsterTrak study, 26 percent of college seniors expected to live at home for one to six months.

Another 16 percent expected to stay from seven months to one year, and 22 percent for more than a year.