parents’ retirement planning & reality checks

Over 50% of American retirees will be wholly dependent on their relatives & welfare subsidies per Richard Paul Evans.

Regarding one’s parents, what are effective ways to plan for this? Surely it’s a matter of good communications with one’s folks, education on potential needs like senior healthcare, and taking incremental steps to prepare (and living within one’s means).

I’d rather have these potentially awkward talks with my parents now – and really enjoy our time on Earth (vs having high-octane financial stress at times when you’d rather be an emotional companion with them).

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One Response

  1. I think it’s kind of like how people prepare to have kids. Often it’s sudden and unplanned, but they figure it out. I don’t look forward to that time in my life when I have to support my parents, but that’s not just economic. There is so much more tied up in that.

    My brother does not have an issue for when he gets old and decrepit, though. He will either go to the Masonic Home in NC or else I will rent a hungry rottweiler to take care of the problem on behalf of his kids.

    Tough decisions here.

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