Reply to How do I help my parents who didn't plan for retirement

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[quote=Anonymous]If they're five years from retirement, LTC premiums may be exorbitantly expensive.

How do you have all of this information about the amount of their retirement, when they plan to retire, how much they think is reasonable to spend each month? If they're involving you in their financial discussions, then you have an appropriate place to ask them what their financial plans for retirement are, and to offer to help them with their financial planning for retirement. If they're not receptive to that, though, you can't force them to be sensible with their money. I'm in the position with a parent right now, he was reckless with his spending and now can't meet his basic needs. We've drawn the line at covering rent on a small apartment (lost home to foreclosure), utilities, personal property tax on car, etc., which we pay directly. Parent has social security, which he is expected to use to pay for groceries, other variable expenses (e.g. new clothes, gas), entertainment, etc. It's not the lifestyle he wants to live, but that's the extent of the sacrifice we're willing to make for his irresponsibility. He will never need to eat ramen, but if that's what he chooses to do because he wants to spend his social security on something foolish, that's his choice.[/quote]

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