Is it common for kids to subsidize their retired parents financially $ in retirement? (pensions, supplement)
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When my uncle left my aunt with two kids and only a part time income with no money or child support, it left an impression on everyone. She struggled to survive for years and only made a modest middle-class income for years afterward. She is now retired and living on a small social security payment of about $2,000 a month. She has basically no savings or investments. (She kept working until she was 70 and then started collecting.)
Her two kids turned out OK and make good money. Both of her kids send Mom $750 a month so she can survive financially in retirement.
Do you think this type of situation is common? (Kids help support their parents financially in retirement.)
I don't think it's real common, but it's certainly not unheard of. Although Boomers in general are doing well financially - and the older Boomers are already retired for the most part - people's circumstances vary. In the case you cited with your aunt, her children must be grateful for the difficult times she went through to raise them, and now they are stepping up to the plate with help. Good for them.
However I must say that your aunt lives damn well on $3500 a month - $2000 Social Security plus $750 from each child. Nothing wrong with living damn well, of course, and it's the kids' money, so they get to decide what to do with it. There are a lot more stupid things to do with money than helping one's eldery mother.
I know of 2 cases like that, though not the amounts. If a close family that went through hard times has successful kids, and poor parents, then it is probably normal. Many non retired late boomers are quite well off and it is not much of a burden.
I don't think people ought to expect their kids to support them in retirement.
However, things happen. When my father died at age 49 and left my stay at home mother with 7 kids to support, she quickly used their savings and found herself living on just SS.
We older kids bought a small house and let her live there free and sent her money every month to supplement her SS income. Nobody forced us to do that but we had been raised and taught to support the family.
My husband's mother informed her four children that she had been going through her savings in retirement and had about two more years before it was gone. She said that she would probably need to move in with one of them at that time. Fearing that, the four grown children decided to each contribute an equal amount every month to keep her on her own.
My husband's mother informed her four children that she had been going through her savings in retirement and had about two more years before it was gone. She said that she would probably need to move in with one of them at that time. Fearing that, the four grown children decided to each contribute an equal amount every month to keep her on her own.
We had my widowed 86 year old MIL living with us when her IL apartments kept raising the rent until she could no longer afford it. It was a win-win because she had about $2400 in income, so she contributed $1000 a month to us for room and board. She had a lot more money leftover every month since she never had to spend anything other than her R&B and incidentals. The extra money came in handy to us, and it allowed us to keep a close eye on her health and get a handle on her finances for her.
Now before anyone says it's mercenary to ask for R&B, she insisted, and to be honest she had very expensive food tastes and wanted us to keep the T-stat 10 degrees warmer all winter. Now she's in AL, with the added income from VA A&A. When/if her dementia gets too bad she will have to go into memory care and we'll have to subsidize her because her income+savings will only keep her going at those rates for about 8-10 months. It's all good. That's what family is for. Her other son is useless, contributes nothing, and never even calls her.
Lots of folks have retired with nothing but social security to depend on because their companies didn't give them a pension, or for whatever reason. It's hard to make it today just on SS. Then when one spouse dies, the remaining one doesn't continue to get both SS pensions, they get a pro-ration. Many women, especially, worked for much lower salaries than men, and their SS pensions were lower. They're often the ones left.
I don't think it's a burden to have to contribute to a parent's way of life when they're older. I'm doing better than they are anyway, and if the tables were turned they would help me in any way they could.
Here in Peru it is unheard of not too take care of your parents. I have been supporting my MIL for the past 15 years (3 years older than me). Now that my YW's sisters are older we each contribute 1/3 as her son refuses to help.
Here in Peru it is unheard of not too take care of your parents. I have been supporting my MIL for the past 15 years (3 years older than me). Now that my YW's sisters are older we each contribute 1/3 as her son refuses to help.
I think it varies between cultures. I am Hispanic and wouldn't think of not helping out my parents.
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