I’m young (27) and my parents (60 & 61) have told me that the will “never be able to retire”

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Encourage your mom to maintain a PT job. Normally, women outlive men by many years. Maybe she will buy a tiny home near you or near friends years from now.

They will have Social Security, Medicare, and savings your mom should definitely have an easy receptionist job somewhere just to help her enjoy the day and to give some every day money for them both. I would also encourage your Dad to get a cashier job at Home Depot when he wants to retire. It brings in spending money, and is a fun way for anyone who has enjoyed an outdoor or physical job over their life. I’ve been on a computer my whole life and actually can’t wait to do this myself.

LOL. Retail cashier jobs are the furthest thing from “fun.”

My 67 yo FIL is a retired contractor and really enjoys his part time job at Home Depot. He loves getting people set up for a successful project. He doesn't need the money but I don't think he'll ever quit.

[Anonymous]

Anonymous wrote:My dad is 80 and is still working.

Is that by choice or necessity?

[Anonymous]

First lesson in life: don't feel bad for other people's choices.

Second lesson: to get out of generational financial issues, don't give them money you could use to build your own wealth. If you were going to spend you money on frivolous stuff anyway, sure, you could help out your parents instead. But you really should live frugally, invest wisely, get a stable job, etc.

[Anonymous]

They shouldn't tell you this - without offering specifics. It's really inappropriate to vent to you, in this way, or feel they are offering information when they aren't offering *enough* information. Press to know the full picture. Not speculate.

[Anonymous]

I know two young families that built an ADU for their elderly parents and the parents provide childcare assistance and pay rent. Not for everyone but it has been mutually beneficial.

[Anonymous]

Anonymous wrote:I feel horrible about this and it makes me worried about the future. My parents have made about $150k (combined) in LCOL for about the past 10 years at least and never seemed to live extravagantly. I would be shocked if they have more than $400k in retirement savings. They recently paid off their house, but lease cars (not fancy ones). The vast bulk of their HHI is my father’s income, and he works a physical job that he won’t be able to do much longer.

I don’t know what to do.[/quote]

There is nothing to do. I don't know why they told you but,worrying about the future never solved anything. Let them handle it.

[Anonymous]

Anonymous wrote:I feel horrible about this and it makes me worried about the future. My parents have made about $150k (combined) in LCOL for about the past 10 years at least and never seemed to live extravagantly. I would be shocked if they have more than $400k in retirement savings. They recently paid off their house, but lease cars (not fancy ones). The vast bulk of their HHI is my father’s income, and he works a physical job that he won’t be able to do much longer.

I don’t know what to do.

Aw, OP. I'm sorry for you. I'm 55 myself and DH is 64. I can't imagine burdening our 20 something kids with this kind of worry. Your parents are QUITE young. They should not be reaching out to you with their financial troubles. They still have time to be earning and saving for the years when they cannot work.

[Anonymous]

I know of families that have combined resources and bought a house together. They have been able to economize on many household costs, take care of each other, taken care of childcare and eldercare and managed to build wealth and live comfortably.

This can be an option for you. This allows your parents to take part time jobs if they want, live off their savings, SS and any money they made from the sale of their home.

Or, you can move in with your parents, and take over paying some bills. Both of you will be helped.

[Anonymous]

Anonymous wrote:I know of families that have combined resources and bought a house together. They have been able to economize on many household costs, take care of each other, taken care of childcare and eldercare and managed to build wealth and live comfortably.

This can be an option for you. This allows your parents to take part time jobs if they want, live off their savings, SS and any money they made from the sale of their home.

Or, you can move in with your parents, and take over paying some bills. Both of you will be helped.

Something like this happened to a good friend of mine when we were kids. His grandmother moved in with them. He loved his grandmother but it was a small house and her presence greatly limited his privacy as a teenager. When he was an adult with kids of his own, he agreed to have his wife’s aging parents move in with them — but only if they took on a lot of new debt and got a much bigger house. Which is what they did. It worked out but eventually the aging parents passed away, my friends kids grew up and left home, and now he and his wife are in this massive house by themselves.

[Anonymous]

I agree with those who are saying that your parents are being a little too pessimistic. My widowed mom lives on about $36,000 a year in a paid off house in a lower cost of living area than here, and has about $250,000 in retirement savings still at 80. She didn't do the things I wish she would have done from 68-78, when she had the energy to do them (go on a last trip abroad) but she will be fine unless she needs home health care/nursing home care... and if that happens, Medicaid will kick in after she exhausts her assets.