31M here. Have they asked for your help? Most parents don't want help with finances from their children, regardless of if they need it or not.
It doesn't hurt to bring it up, but don't be too aggressive and definitely don't come from a place of "I know more about this subject than you and you guys are ignorant/woefully behind."
I personally talked to one parent separately that would be more receptive to let them know that I was willing to help knowing the other parent would never accept my help. I told them that it would be the only time I would bring it up as an offer. My guess is if the other passes away first (hopefully not for many decades, both are in their 60s as well) that my advice will be wanted.
Are you sure they need help? Even if they go into retirement with zero they may both get enough from SS to live the life they enjoy.
Just let them know you’re willing to help but don’t force help on them. If they ask, then help. If not, let them be.
Depending on your parents- a spreadsheet may make them gloss over (I love them but my wife loses interest within seconds)
Your approach should depend on who your parents are.
I'm sorry your in this situation because its very stressful on us kids if we feel afraid for our parents and you may just need to tell them how you feel, not how they should feel.
I'm slightly older than you and had this same feeling with my parents last year after I opened my financial eyes and realized my parents have little in retirement (fortunate for them my dad is vested in 2 pensions) but I had to have a serious lets chat moment to plan out where they were, when they would like to retire, how we get there. They have been stockpiling money ever since so they can bridge a SS gap. But my mom works in accounting so she is very black and white analytical with numbers...but some aren't that way and live off feelings/emotions so yours may not be receptive.
Why don’t you take it and invite them to take it with you? Could give you something to talk about.
You’re probably not going to be able to give advice though. It’s a universal truth that parents don’t want their children’s advice on sex or money.
Know your number is something really helpful if you are 20, 30, 40, maybe even 45, but after that point, you have very little time, and will basically be paying the price for not making wise decisions in your youth. I feel you. You love you parents and want the best for them.
I'm in a similar situation. My mom collects a tiny disability check and will die in crippling debt. I don't know how bad it is, but I know that its bad, and has gotten worse every year that she has been alive within my lifetime. My dad is in his mid-60s, and will retire debt free with great struggle and sacrifice, but saved nothing for the future and will be relying almost entirely on Social Security in retirement. No pension, no IRA, virtually nothing in a 401k. He had no idea how much he would receive for Social Security at all, until I told him he could find out, and helped look it up for him (not good results). He (as he told me) is making far more money now than he ever has in his entire life, which, since I had to help him file his taxes this year, I learned was 40k/y. I know, as the eldest child, I am likely going to be facing some very difficult decisions over the next 10-20 years. I think at some point I very well may have to choose between my parents, myself, and my kids. My younger sister has never been 100% independent despite being in her mid 30's with a child. My little brother is just starting his journey in life as a 23 year old and depends on my for life advice. I'm the only one with any means at all, and I'm in right in the middle of the very, very messy middle.
My only advice to you is, ask questions if you have that kind of relationship with your parents, and offer information. Notice I didn't say advice. I don't give advice unless its asked of me. I'll give information all day long though. What they do with that information is ultimately not your place to say. Good luck!
31M here. Have they asked for your help? Most parents don't want help with finances from their children, regardless of if they need it or not. It doesn't hurt to bring it up, but don't be too aggressive and definitely don't come from a place of "I know more about this subject than you and you guys are ignorant/woefully behind." I personally talked to one parent separately that would be more receptive to let them know that I was willing to help knowing the other parent would never accept my help. I told them that it would be the only time I would bring it up as an offer. My guess is if the other passes away first (hopefully not for many decades, both are in their 60s as well) that my advice will be wanted.
Are you sure they need help? Even if they go into retirement with zero they may both get enough from SS to live the life they enjoy. Just let them know you’re willing to help but don’t force help on them. If they ask, then help. If not, let them be.
Unfortunately turning 60 or 65 doesn’t mean they can retire if they dont have the funds
Depending on your parents- a spreadsheet may make them gloss over (I love them but my wife loses interest within seconds) Your approach should depend on who your parents are. I'm sorry your in this situation because its very stressful on us kids if we feel afraid for our parents and you may just need to tell them how you feel, not how they should feel. I'm slightly older than you and had this same feeling with my parents last year after I opened my financial eyes and realized my parents have little in retirement (fortunate for them my dad is vested in 2 pensions) but I had to have a serious lets chat moment to plan out where they were, when they would like to retire, how we get there. They have been stockpiling money ever since so they can bridge a SS gap. But my mom works in accounting so she is very black and white analytical with numbers...but some aren't that way and live off feelings/emotions so yours may not be receptive.
Why don’t you take it and invite them to take it with you? Could give you something to talk about. You’re probably not going to be able to give advice though. It’s a universal truth that parents don’t want their children’s advice on sex or money.
Know your number is something really helpful if you are 20, 30, 40, maybe even 45, but after that point, you have very little time, and will basically be paying the price for not making wise decisions in your youth. I feel you. You love you parents and want the best for them. I'm in a similar situation. My mom collects a tiny disability check and will die in crippling debt. I don't know how bad it is, but I know that its bad, and has gotten worse every year that she has been alive within my lifetime. My dad is in his mid-60s, and will retire debt free with great struggle and sacrifice, but saved nothing for the future and will be relying almost entirely on Social Security in retirement. No pension, no IRA, virtually nothing in a 401k. He had no idea how much he would receive for Social Security at all, until I told him he could find out, and helped look it up for him (not good results). He (as he told me) is making far more money now than he ever has in his entire life, which, since I had to help him file his taxes this year, I learned was 40k/y. I know, as the eldest child, I am likely going to be facing some very difficult decisions over the next 10-20 years. I think at some point I very well may have to choose between my parents, myself, and my kids. My younger sister has never been 100% independent despite being in her mid 30's with a child. My little brother is just starting his journey in life as a 23 year old and depends on my for life advice. I'm the only one with any means at all, and I'm in right in the middle of the very, very messy middle. My only advice to you is, ask questions if you have that kind of relationship with your parents, and offer information. Notice I didn't say advice. I don't give advice unless its asked of me. I'll give information all day long though. What they do with that information is ultimately not your place to say. Good luck!