I think I got lucky. My mom is a pretty savvy lady when it comes to money. Though my parents had a relatively late start to retirement planning and investing, they’ve done okay for themselves and are continuing to amass a little nest egg.
Sometimes I’m surprised at how progressive Mom is – she has never said “promise you won’t put us in a home,” instead, it’s “we want to prepare financially so that if/when we have to go to a retirement community, we can go to a nice one, or we can hire in-home aid.”
When family friends and relatives joke that when I become financially stable I will take care of my parents, Mom always interject, “the responsibility of children, when they grow up, is first to their family and kids.” She also said to me many times that the greatest gift she can leave me is peace of mind.
After reading this article, I come away with greater gratitude for Mom’s wise choices. I hope that if/when I become a mom, I can be as wise as she is.
To my readers:
Do you think you will have to support your parents in their retirement?
If you are a parent, would you expect your children to support you in your retirement? Either way, (how) do you make your expectations known?