That's true. I just assumed they were struggling for some reason...Yes I wouldn’t want my parents to struggle either. But OP didn’t say they were struggling or even unhappy. Simply said they are working.I agree with you 100% but it is hard to see your parents struggling, even if the struggles are of their own making. Same with children.Not trying to be mean or insensitive, but how does the fact that they did not save much for retirement become your problem? They lived above their means. That now falls on you?My wife's parents are getting older and have not saved much for retirement. Both still work and both > 65 and it is out of necessity not because they love their jobs.
My question is - what would be the best way to give them a monthly stipend? I don’t want to give them a lump sum because they would spend it quickly. I also don’t want them to feel like they are living on our tab - ie we send them money every month. I’m thinking an annuity might be a good option, one time gift but they can’t go out and spend it all. Wondering if anyone has been in a similar situation and if there are other better options?
As an old boss of mine used to say, choices have consequences.
Now, if you have way more money than you need or will ever spend, then maybe that is a different story. Otherwise, they "could" continue to work if able (I see (even know) a lot of 65-year old plus people who still work) and try and make up for the fact that they made choices which put them in this position.
I think however you subsidize their lifestyle, they will end up continuing to live beyond their means. They may well spend more than currently because they know they now have an addition income stream.
My FIL retired when he was in his early 60’s and hated being home. He went back to work consulting and this continued until he was 80. Not out of necessary but out of choice. He wants to be busy.
Statistics: Posted by CoAndy — Mon May 06, 2024 8:33 am — Replies 14 — Views 1316
