My parents provided a wonderful upbringing (safe, good schools, etc) but did not make smart financial decisions in the slightest. Fast forward to now, they are living on social security/government stuff and we support some monthly living expenses. The wife can't stand it as it puts a bit of a dent in our budget, but is understanding and empathetic toward the situation. The silver lining is this has pounded home the lesson that the best thing you can do for your own kids is not be a financial burden for them later in life, aside from actually providing a good upbring and perhaps even being able to help them finanancially later in life. Curious if others on HORT are in a similar situation or having to support elders not only physically but financially?
Anybody else here support a parent financially?
- Thread starter General Tso
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Yes, for my no pic, Mom. Her vehicle is on my insurance, and have the phone on our plan plus also deposit money semi-monthly.
The no-pic wife brought up the money spent once, and I let her know that the expense was my one non-negotiable.
The no-pic wife brought up the money spent once, and I let her know that the expense was my one non-negotiable.
Yeah, kinda.
My mom planned to live just past 70, based on family history. So she saved/ budgeted financially to get herself a little past that. But she hit 73 and started running low. She moved into my sister's house, and I gave her a car so she could sell hers and pocket the money.
My mom planned to live just past 70, based on family history. So she saved/ budgeted financially to get herself a little past that. But she hit 73 and started running low. She moved into my sister's house, and I gave her a car so she could sell hers and pocket the money.
My wife lost both parents this past year, about 10 weeks apart. I met my future in laws when they retired at 58 (my wife's age now, which is surreal) and moved to Nebraska to be closer to her and her brother. They really had no business retiring that early; plus they enjoyed going to casinos. They ended up living in a small apartment for low income retirees. The majority of the financial burden fell to my brother in law who never married, though we certainly helped here and there.
Dad passed away last June (my sons lost 3 grandparents in less than a year), but Mom is in a much better position financially. No mortgage and practically no expenses, and I know they put away enough for her to be comfortable.
We have seen all this and we are doing much better saving for retirement. I hope to retire at 62, and we will not be a burden on our sons.
Dad passed away last June (my sons lost 3 grandparents in less than a year), but Mom is in a much better position financially. No mortgage and practically no expenses, and I know they put away enough for her to be comfortable.
We have seen all this and we are doing much better saving for retirement. I hope to retire at 62, and we will not be a burden on our sons.
We did my MIL some prior to her passing. We have been supporting my wife’s younger brother significantly since October 2022. He just finally got approved for disability so that will help. We have been laying his car insurance and all utilities and gifts for his daughters and gas etc.
