"If your aging parents are approaching retirement with little or no savings, you're not alone. Nearly half of Americans financially support their parents now or expect to do so in the future, according to a 2025 LendingTree report. This can be especially worrying for adults who are raising their own children and who need to save for their own retirements."
"Delaying benefits from age 62 to 70 can increase monthly payments by as much as 76%. The average Social Security benefit for retired workers in 2026 is approximately $2,071 per month, or $24,852 annually. These numbers can be substantially more or less depending on work history. Also important to remember: Medicare Part B premiums of $202.90 monthly reduce this benefit to $1,868 on average."
Begin with a complete assessment of parents' financial health, including assets, debts, expenses, insurance, and expected Social Security. Search for forgotten 401(k) accounts and small pensions and maximize catch-up contributions for those over 50 in 2026. Self-employed parents can use 401(k) and SEP-IRA accounts with higher contribution limits. Delaying Social Security from 62 to 70 can increase monthly benefits substantially, potentially by as much as 76%. The average 2026 retired-worker benefit is about $2,071 monthly before Medicare Part B premiums. Rising healthcare costs and Medicare premiums require proactive planning to protect purchasing power during long retirements.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]