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I don't see why the OP thinks his parents will need his help. Their financial position, which right now is just fine, is just not any of OP's business. They make a decent salary and if they haven't saved for their retirement, they will do what other people in the same boat (probably 40% or more of the US population in their 50's) do. IF dad gets fired, he will find another job until they can afford to retire or at least apply for SS. No where did OP say that they have asked for money in the past, nor have they asked for OP's advice.
To answer OP's question, I don't know any retired people who are receiving help from their kids. By far it is the other way around, "kids" in their 30's asking for help with down payments, student loans, a place to live after divorce, free babysitting, etc.
In some parts of the country, 70-80K income per year, without relying on government support programs, is just making it. The OP is implying that if they lose that income and still refuse to move away from their current home (I would guess they are renting?) then they will need his/her financial help.
Somehow OP's parents have managed to live on their own as self-supporting adults for the first 50 years of their life without OP's assistance. I'm sure they will be just fine.
If either of them were mentally or physically challenged, then I can see expecting to have to help, but apparently their only shortcoming is stubbornly refusing to move to where there might be better employment. Not OP's problem. Let them live their lives on their own terms.
I didn't ask if they should be pitied or whatever. I asked a simple question.
The fact is that $16-$18/hr is not a good income for someone nearing retirement. He also will be commuting 500 miles/week now. They have two car payments, a mortgage, and other debt. That $70k-$80k does not go as far as you would think in that situation.
If he is fired, the odds of him getting a job where he's at are very low. They will probably have to relocate to a healthier area, sell the house, etc. The odds of either one of them getting hired in their late 50s are very low, and that's where I see they'll need assistance.
Convo, it's hard to summon up a lot of pity for people (such as your parents) who live in a low cost area, and haul in between $70-$80K. That's about $700/week, each. Half the country lives on $500/wk or less. During the four years between when I retire and when I start collecting SS, I will live on less than $600/wk from dividends and interest. I figure it will be puh-lenty, for those four years (knock on wood).
I have worked in high-earning jobs my entire life, with multiple graduate degrees, and I'll be "earning" $600/wk. I would not dream of throwing myself on my kids for help. In fact, the only concern I have is that on $600/wk, I will no longer be able to fund my younger two kids' Roths. Being that they're thick in the middle of the middle-class-jobs dearth that started in the 90s, they're scrambling to keep body and soul together on the nationwide median income scale, cited above. That is, $500/wk.
You want me to feel sorry for your parents - why, exactly? I don't mean to be unsympathetic, but wtf?
Bingo. If Dad is on a final warning, then he is screwing up at work, which is his own fault.
This makes me think the OP feels sorry for his parents...maybe even a little disgusted at their lack of ambition...and fearful that it'll all come back on HIM! Maybe the parents are feeling okay about things and that's what makes OP so nervous!
OP - you can do what you want, help them or not. If you want to let them know about options to save for retirement, fine - just don't assume they're gonna take all your money.
Well, considering the OP is Emigrations, who just changed their alias recently, it's par for the course.
Well, considering the OP is Emigrations, who just changed their alias recently, it's par for the course.
Aaahh... that explains the familiar tone. I should have recognized it.
He's just going to have to live with the frustration of stubborn parents who want to live their own life. He can kick in if they need it, but is under no obligation to help people who are determined to pi$$ away their money. He can offer advice, but they don't have to take it. It's sort of like having an adult child with money problems of their own making. You can be there to prevent total homelessness, but for the most part you have to let them find their own way. Sort of like tough love.
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