Parents going bankrupt I’m only 20 and my mom just informed me she’s in 80 grand worth of credit card debt because of medical bills and she’s filing for bankruptcy. She said my dad is close behind. She said she makes too much to have all the debt wiped clean so she will have to make monthly payments for a while that will take most of the money she makes. She’s worried…
My Parents Want Help With Their Debt My parents (60s) are substantially in debt (Roughly $250K) with no retirement savings. Their income is about $170K a year with the majority ($120K) coming from my father. He had a heart attack last year, but is back to work. I am concerned that he is working himself to death over this debt. They have had substantial debt my whole life, with thei…
My parents house at Christmas submitted by /u/AmaranthAbixxx
Stay with parents to save or move out? After failing at my dream career in the army (injury), I had to move back with my parents. Although I am grateful for them, this setback has stunted my growth in every aspect of life. It lead to some depression and self esteem issues. I’m about to be 28 still living with parents, but I’ll list the positives…. In the last year and a half that I…
Personal LPFSA with parents FSA Hey there! I have my own health insurance through my company and have elected to have a lpfsa but I’m still under my parents health insurance. I filled my lpfsa so I can pay for some dentist work next year but it won’t cover the full amount. Can I use my parents fsa to cover the rest or is that not allowed? Thanks! submitted by /u/Fancy-Y…
The guest room at my parents’ house submitted by /u/kmc0522
Providing for parents Friend of mine, has a business with their dad and share the income to cover their rent (900 bucks for a house of 4), cars, insurance food, and school fees for his brother. The business involves manual labour, and requires the 2 of them, so one can’t quit. But my friend (25M) can’t start their own life, cause they feel responsible for everyone. S…
Parents Finances/Retirement My mom and dad are a typical immigrant couple around the age of 65 who weren’t able to save properly leading up to their retirement. They sold a business about two years ago, my dad can physically no longer work and my mom can’t find a job that gives her enough flexibility. They just ran out savings and have $0 in the bank but their house just g…
Snapchat will let parents request their teen’s real-time location Illustration by Alex Castro / The VergeOnce known only for its self-destructing pics, in recent years Snapchat has sneakily evolved into a location-oriented social media app. It’s now leaning further than ever into that identity with a new real-time location sharing feature that allows family members to share their live locations with each other…
529 limits – parents contribution We’re going to be opening a 529 this year and are planning to super fund it with the full 90k. We’re aware that the limitation is 90k / tax payer and that we’ll file a form 709 each year for the next 5 years. Our parents want to contribute to the 529 as well. Do we need to account for this in anyway, or do we only need to care about our contribu…
What do you all think about my parents’ kitchen renovation? I could really use some outside opinions here. My parents renovated their kitchen (dad made all the choices), and I’m unsure about the results both aesthetically and quality-wise. I’m no expert in kitchen renovations or design, so I’d appreciate any insights. At the end of the day, it’s their kitchen, but I feel bad because my mom had been wanti…
Fuji X100VI for parents? Hi!! I’m an expecting parent, and i have been gifted the FUJI X100VI (i dont have it still, ordered it in march). At first i got the camera because a really good friend of mine recommended it, i wanted a camera that was small, but great and that i can take traveling and its small enough for everyday. But now i need one that will be good as a fam…
How bad will my parents be in retirement? They will have roughly 150,000 in retirement funds by the time they retire. That will be in 6 years. They will both receive social security but not that much. We live in a low cost of living area, but they still owe money on the house, have a camper that they owe on, and my mother likes to gamble 🙂 How long do you think they last? Do you thin…
Want to help my parents So my mother is about to come into a sum of money (around 80k from a settlement). I want to make sure she does the best thing she can with it to make it last as long as possible. First a little bit about them – no retirement (long story). both collecting social security and are getting by in an apartment on that. Some money in savings but not a …
My parents need to retire and I’m stuck financing. Hey all, my parents (Dad is 72, Mom is 66) are at a point where they need to slow down and find a place to live they can afford solely on their Social Security income. Together they pull about 3400 a month. My dad still works full time as well, netting about 1400ish gross every 2 weeks. He’s looking to drop to part time or stop all together. The…
Supporting Aging Parents Financially I know I will need to support one of my parents financially, starting within the next 10 years. One of my siblings should be able to help out with this equally; the other one is unclear. How can I best prepare for this? Put aside money every month in the S&P500? Is there a specific way to save for things like this? Here are the specifics: I a…
Parents have no retirement savings and waived Social Security My parents are in their mid 50s and I am in my mid 20s. A joke last night about my mother rotating between all of my siblings homes when she retired brought this up. Apparently my Father waived his social security a long time ago, as he is essentially self employed. My mom didn’t start working until she was almost 40 and says neither of them are…
Parents cannot retire Help me figure out how I can help retire my 55 year old vietnamese parents within 10 years. They’re getting to the age where they cannot really work anymore. They don’t have any retirement accounts and been working for a nail shop to put us through school. They have a total of 30k in savings. House is paid off. What can I do to help them? I hav…
Parents Retirement Conversation Hi all, Does anyone have tips on how to initiate conversations about retirement with your parents? My fear is my dad is retiring to early (65, full pension), but as I understand it pensions can still run out?? My irrational fear is that 20 years from now, I’ll be taking him in because he has no money. It’s a sensitive topic. Would love some adv…
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