Am I (32 f) the only one who has to worry about my parents (71, f 70 m) financial future?
By - iwanttoquitposting
They’re the only ones that have to worry about this.
They are baby boomers who had the opportunity to buy a house for like $5,000 down payment as young adults which would then triple in value, gaining them tremendous equity. They had the opportunity to go to college for under $10,000, and get graduate degrees for cheap too. Your path to financial freedom is so much harder than theirs was, because their generation botched everything for you with their selfishness.
Of course it would be nice to help your parents but you don’t have the ability to do so. You need to save up for your own house and prepare for your own life.
Your parents have chosen to depend on the government to support them. They will have social security to depend on, unlike you when you retire. They’ll lose their lifestyle, but that’s their fault.
Do you have siblings?
Yes I have a brother and sister but one of them is scraping by. The other lives out of state.
I guess ask the out of state one about putting money aside in high yield savings accounts so it still earns interest, then when and if the time comes that they need help it is there and you could both chip in a little as needed. Obviously giving your dad money directly doesn't seem wise. Though if your mom does come to you one day you will be somewhat prepared.
> I feel I need to save up for their future.
Just because you feel that way, doesn't mean that you're right. You need to save up for *your* future.
Your parents are in an unfortunate circumstance, but...your dad created that circumstance through his choices. Those choices had consequences.