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“Risk” implies jeopardizing my own financial future and that of the following generation by jumping onto the sinking ship of my parents’s financial life, thus perpetuating the misery. There is a limit to the pure financial risk I would take. Thankfully, I don’t expect to face the decision. My wife and I have, however, committed resources of both time and money toward helping our parents to remain in their homes to a very old age. The most important service to both them and ourselves is the hands-on management of their finances to make sure all is well as they end their days.
Yes, without question and this is why one doesn’t play roulette with savings and keeps a balanced portfolio.
Yes, because I know my 94 year old mother-in-law tells me every day how grateful she is that she lives with my wife and I. Just as everyone here works to secure our retired lives without stress, it offers a tremendous sense of peace to your elder relatives that they have a safe and welcoming place to live. It also adds tremendous stability and peace to our own lives as well.
Yes. I hope that the planning we have done has made the question mostly moot.
I anticipate having to help my parents during end of life. I have 4 siblings, so hopefully it would be a group effort to care for them physically, emotionally, and financially. So yes, I would risk my finances to help them, but I see it more as an investment in family rather than an expense.
Risk is a powerful word. My parents lived on modest means and could only buy a house at age 65 because they did so with my sister and her family where they lived the rest of their lives on only Social Security and both died without any long term illness or expenses. I like to think I would help if needed, but I don’t think I would risk my wife’s and my financial security and thereby create a burden or worry for our children.
Yes. My parents had health problems that led to financial problems. My brothers and I had to step in and chip in. Eventually, my wife and I bought my parents home and they lived with us for the rest of their lives. Although it was hard at times, it ended up being a positive experience for our children and our extended family. My wife was taught that family comes first, and she was all in on very decision. I also learned a ton about financial and retirement planning by getting involved with my parents and in-laws.
Yes. My parents are smart enough with money that I don’t think it will be necessary. But if it were, I’d do whatever was necessary to repay them for all they’ve done for me.
An odd corollary: I served in the military and am happy to pay taxes because I feel the same way about America. This country has given me so many incredible opportunities that I feel like I am lucky to be able to repay the country where I can.