Advice for someone (mid-30s) whose parents are getting older and not prepared for retirement
I’ve been thinking, sometimes anxiously, about my parents’ situation. Need ideas from those who *successfully dealt with* parents who are aging but aren’t financially prepared.
As a background, I am Asian so culturally there’s expectation to be there for your parents when they’re older and awfully to even be their retirement fund (though my generation is doing our best to change this). My parents do not have their own home and are staying at a relative’s house. They have a bit of pension and some savings, but mathematically I do not think these will be enough if someone gets admitted to the hospital. They both do not have health insurances.
My goal is to protect my future and my future family’s as I am planning to settle down at some point with my partner. I fuckin’ hate family dramas so I want to prepare for the worst case (i.e. they get really old and too broke). I am doing my best to help but in a way that doesn’t destroy my future.
Below are what I’ve been doing, but want to get further inputs especially from those who successfully navigated this situation:
Bring up discussions around their retirement plan and pressure them to have one (this resulted to them having a bit of savings)
Constantly remind them that they’re responsible for their retirement
Worst-case, if I cannot help them with what I have, say no and let it be
Thanks!