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My wife and one of her sisters helped pay for the majority of her father's medical care and support when he had dementia. Her mom was there, had money, and still married, but didn't have the available capital (due to dad's poor financial decisions beforehand) to cover all his medical expenses.
I'd say at least 10% of children donate at least a bit of cash to help aging parents, the percentage rises the less money the parents make.
My wife and one of her sisters helped pay for the majority of her father's medical care and support when he had dementia. Her mom was there, had money, and still married, but didn't have the available capital (due to dad's poor financial decisions beforehand) to cover all his medical expenses.
I'd say at least 10% of children donate at least a bit of cash to help aging parents, the percentage rises the less money the parents make.
But what about of those between the ages of 30 and 40?
Here is what I think the bottom line is…in a loving, supportive family, the members are happy to help each other financially as long as it doesn’t cause them harm for their own needs, or cause the recipient to become dependent.
Incomes are not as high because housing and other expenses are also not nearly as high.
While that's true, those people often have substantial assets in the form of expensive homes, generally had better jobs with better savings opportunities, etc.
One thing that people always either tell seniors or you see seniors doing is "moving to a cheaper area," but what if you've lived in that cheap area your entire life?
If my parents lived in a big city on the coasts, they'd at least have a bigger pile of home equity to draw off of, and the option to move somewhere cheaper. Until recently, houses here barely appreciated with inflation, and could sit for months on the market before it sold. In many cases, your house could be worth less in adjusted inflation adjusted dollars than you bought it for decades ago.
It also cascades down to their kids. It's much tougher to get a start in life when you're growing up in a depressed area vs. a major city or one of its suburbs. Someone making $35,000 here isn't going to have the some options to help their aging parents that someone making six figures in a big city does.
Maybe they're "helping" their parents because their parents have already hidden their assets by transferring them to their children's names. There's an idea!
Not trying to upset anyone here, but in some states in the United States, a person has to maintain physical and legal distance from family members they have "cut off" financially.
My biological mother is a child abuser and mentally unwell person so I have severed ties to her in order to avoid footing the bill for her. Harsh but neccessary.
It does hurt to be portrayed as an "unfeeling" person but there is always two sides to every story.
While that's true, those people often have substantial assets in the form of expensive homes, generally had better jobs with better savings opportunities, etc.
One thing that people always either tell seniors or you see seniors doing is "moving to a cheaper area," but what if you've lived in that cheap area your entire life?
If my parents lived in a big city on the coasts, they'd at least have a bigger pile of home equity to draw off of, and the option to move somewhere cheaper. Until recently, houses here barely appreciated with inflation, and could sit for months on the market before it sold. In many cases, your house could be worth less in adjusted inflation adjusted dollars than you bought it for decades ago.
It also cascades down to their kids. It's much tougher to get a start in life when you're growing up in a depressed area vs. a major city or one of its suburbs. Someone making $35,000 here isn't going to have the some options to help their aging parents that someone making six figures in a big city does.
Interesting take. I strongly believe no matter what environment you’re born into, a person has the capacity to succeed and do well in life. It may be more challenging, but not impossible.
I wish our daughter helped us. With our retirement funds now under $2M, we could use a boost.
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