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

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

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[quote=Anonymous][quote=Anonymous]There is not much you can do OP. There are a significant number of people between the ages of 50-65 that have been hit by the recession when we graduated and the great recession too.

They need to really start pinching pennies. I'm 55 and drive a 20 year old Toyota to save money for retirement, cook almost all food at home, and limit purchases. They need to plan to reduce lifestyle expenses (like the leased cars) and to work part time doing something less taxing as they get to be 68+.

I would not plan to  give them money.

On the plus side they have 400k+, a paid off house and no mortgage. I would assume that is a big part of their retirement plan. If they could get rid of the leased cars and buy smaller fuel efficient cars when prices come down, that might help too. The 400k and paid off mortgage in a LCOL area is more than a vast number of Americans their age. [/quote]

Agree on getting rid of the leased cars. I *get* why they do it - they sound similar to may parents - but so much better to unload them.[/quote]

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