One topic I've been getting lots of questions about lately pertains to parents and retirement. Specifically, should you plan to support your parents when they retire?
This is such a complicated issue and one that's fraught with lots of emotion. Here's the latest example. The letter writer's parents drained their retirement savings when some of her college financial aid fell through — without her knowledge. Many years later, her parents want her to start paying them back $400 a month for the loans (that she didn't know existed) to help support them when they retire. https://www.thepennyhoarder.co...s-i-owe-400-a-month/
In this case, I don't think what the parents are expecting is reasonable — but a lot of readers told me I got this one wrong! Many readers argued that she got her degree because of her parents' sacrifice, which is a legitimate point. But most people get 18 years of food, shelter and clothing from their parents too. What if many years later, they presented you with the bill?
If they'd told her back in college that they were taking money out of their retirement accounts and would need to reimburse them, I'd 100% say she owes this money. But she also has young children. I think she and her husband need to feel comfortable that they can provide for the kids and save for their own future before they can agree to send $400 a month to her parents for many years.
This topic hits close to home as my own mother approaches retirement age with little savings. I'd love to hear perspectives from people who have retired parents. Do you provide support to them, and if so, what does that look like? Do you give them money? A place to live in your home? Help them with chores around their home?
Also, if you're a parent: Do you want or expect your kids to support you when you retire?