Parents and Finances...

iVillage Member
Registered: 10-17-2010
Parents and Finances...
7
Sat, 11-19-2011 - 7:11am

I'm not sure how many others on here have parents who are still alive or if they can relate to this but wow is my dad making me nervous.

iVillage Member
Registered: 11-04-2011
Sat, 11-19-2011 - 9:49am

Oh man...I can see how that would be tough and worrying especially since your dad usually never mentions finances...........I understand how you feel about the money he gifted you but please try not to feel bad about that.....he had no way to predict what was going to happen.

iVillage Member
Registered: 03-27-2005
Sat, 11-19-2011 - 11:23am

It sounds like everything hit him at once.

iVillage Member
Registered: 11-14-2008
Sat, 11-19-2011 - 2:14pm

This is becoming an ever increasing concern for many families out there. It often affects our generation most where we are double squeezed trying to provide for our children and help our aging parents. It means tough choices and often heart break. We must identify our priorities and stick with them. I am sorry for your troubles, it is no fun to worry about your parents. Your dad sounds like a cool guy.

iVillage Member
Registered: 07-24-2001
Sat, 11-19-2011 - 9:50pm

I find this an interesting subject.

My parents both grew up extremely poor (perhaps my mother moreso than my father).

iVillage Member
Registered: 12-31-2010
Mon, 11-21-2011 - 12:37pm
My parents were upper middle class when I grew up, but always robbing Peter to pay Paul. We lived in a nice home in the burbs and they helped all of us with college (I paid for 1/3 through loans got scholarships, they paid 100% for my two brothers.) They saved for retirement, but not near enough.
They have a tiny pension from the union, my dad has health care from the Vets and mom relies on Medicare.
Their medical costs are sky high, so I have paid their property taxes the last two years and will probably continue to. They gave me a lot growing up, so it is something I have no issue doing.
I know I helped them with their investments and although they started with over $500k, it got hit early on in their retirement with some stock losses and just general spending is running their savings down much faster than they expected and they are now 74 and pretty scared.
They are super frugal, and my dad works part-time at the golf course, but I worry about them financially a lot.
Mom's social security check is low, which is another reason women should try to work for companies that pay into social security on their own as opposed to doing side jobs for cash - it is a forced retirement savings and means a lot when you go to collect those funds in retirement.
They also still have a house payment, due to a home equity loan they took out. THe interest is only 2%, but it is still a payment they have to make.

Watching them has made me work hard to save more for retirement because we don't have a pension either, and I won't retire until we are debt free as I want as much money going to our daily living expenses as possible so we can stretch what we will have saved.

-Marie
#Marie
Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Mon, 11-21-2011 - 12:49pm

I can see why you are worried.

iVillage Member
Registered: 10-01-2008
Mon, 11-21-2011 - 2:15pm

HUGS to your dad.

Norma


"Patience is the best remedy for every trouble"- Plautus