Do you know about your parent's financial situation?

[monk3y]

I plan to help my parents in any way I can, this includes financially if need be. Is there a certain time where you just find it out or do you sorta have to get it out of them?

 

[nageov3t]

I've got a pretty general idea, just from hearing them planning for their retirement and whatnot.

they're in better shape than I am

 

[FoBoT]

my dad retired early, when he was 60
he always saved a lot, so they are doing fine financially

my dad likes to talk about that stuff to try and "teach" his kids, so without know the actual figures, we all knew they could retire
he likes to talk about how this broker was good/bad and this mutual fund did well/poor and try to get his kids to invest etc etc

 

[Miklebud]

yeah, my parent's freely talk to me about their financial situation. Gladly, they're in a spectacular spot, and I look up to them and their financial status. The only bills they have are Electricity, Water, Cell Phone, Cable, and Oil Heat. No mortgage, or loans.

 

[JeffreyLebowski]

My mom is in a bad financial spot as far as future savings go. She has been living with her mother (my grandma of course) most of her life. Though this stems from a tragic event in my moms past that I'm not going to go into, other than to say my mom hasn't and will most likely will never get over it and thus doesn't like being in public and doesn't like meeting new people or strangers, this unfortunately means she doesn't purse a job that pays better or has better benefits to cover her medical expenses.
It's sucks that she basically lives in fear because of the incident and that the piece of shit is now out of prison.
It also doesn't help that she has my luck, or maybe I got hers. She would be better off right now as she had a paid off car and didn't have a car payment until some shit faced teenage punk ran into her car at a stop light and totaled her car and 2 others, but his insurance wouldn't pay up for the accident as he had a diabetic comma come on while driving but he had not been diagnosed with diabetes yet." Basically his insurance tried to say it was an adverse medical condition that he couldn't have forseen and that they wouldn't pay up. My mom, not having a lot of money couldn't afford a lawyer and her insurance company didn't seem to want to fight it so she ended up eating it in this situation and had to buy a new car.

 

[Jumpem]

Yeah.... poor.

 

[alien42]

i have always had a very open relationship with my parents which includes full financial disclosure

 

[K1052]

yep, nothing to worry about on that front thankfully

 

[child of wonder]

My parents are doing just fine.

The only debt they have is their house and that will be paid off before they retire. They have enough money in savings to write out checks for a $40,000 camper, $16,000 new Ford Range, and a $30,000 Ford F250 all within a 7 year time frame.

The only thing going against them is that they didn't start saving for retirement until their 30s so, depending on the stock market, they are trying to retire by age 64 (Dad) and 62 (Mom). They're 54 and 51 right now.

 

[Gooberlx2]

Certainly, I would help my folks as much as I could if they fell on hard times. However, I'm fairly postitive I won't earn 1/4 as much as my Dad did in my professional life. They're doing just fine.

 

[Sqube]

I'm generally aware, but it's not something that we explicitly discussed until relatively recently.

 

[Jumpem]

Originally posted by: Gooberlx2
Certainly, I would help my folks as much as I could if they fell on hard times. However, I'm fairly postitive I won't earn 1/4 as much as my Dad did in my professional life. They're doing just fine.

Opposite here. My first week out of college I was making more than my parent's combined.

The only way they get by is my Gramma only asks them for $250/month rent.

 

[vi edit]

My father is fortunate enough to be part of a defined benefit municipal retirement program that continues to pay him out his salay and increases with inflation every year thereafter.

Any income from my mothers 401k/retirements is play money for them. Their house will be paid off 5 years before they are of retirement age.

My wife's parents are both life military and will be banking those retirement benefits + any saved income.

Suffice it to say, they are both in better shape than my wife and I. Even though they make about 50% less as a household.

 

[SearchMaster]

My Dad is doing okay. He had most of his savings tied up in his company's stock and I implored him to sell it off at a high point, but he said it would keep going up. Then when the market corrected a few years ago he lost about half his net worth. Still, he's frugal and his house is paid for, and he has a few hundred thousand in the bank, so I don't see any reason he won't be fine as he furthers his retirement, as long as his health stays good and he doesn't have to be put in a nursing home.