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Reply to "In-laws are broke, DH has offered to help"
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[quote=Anonymous]There was a time I was on track for a much more lucrative career and my parents seemed to be banking on me as their safety net. Thankfully my parents are not dangerously irresponsible. It’s more that they are Pollyanna / head in the sand about the purchasing power of their pensions and social security and how long they may live. I also have my own spouse, children, mortgage now and have mommy-tracked my job. We’re comfortable, but not “pay for 2 extra adults without giving up college and retirement savings” comfortable. I sat them down and had a tough conversation with them. I gave them a list of fee only financial planners and paid for a series of meetings to make a plan when they were getting ready to retire. The conversation I had with them made clear that I will make sure they have a safe place to live, food to eat, and all prescribed medications. It may be an apartment and Aldi groceries - this is important because my mom likes “nice things” and they like to go out to eat a lot and attend a lot of performing arts events - plays, concerts, etc. I don’t care if they want to go to 10 events a year at the Kennedy Center, but I want them to know I will not be funding their current / preferred lifestyle if they run out of money. The conversation went well and I think it was a wake up call. They live within their means and don’t have debt, but they are now being mindful of thinking through how they will age in place or move when the time comes. [/quote]
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