My boomer parents ran out of money 5 years ago and didn't tell me they have nothing for retirement until the last minute

"What if your parents have no retirement savings? This is an issue that a Reddit user is currently dealing with. His parents are Baby Boomers who, he says, exhausted their funds five years ago - although they only told him when they were on the brink of homelessness. Because of health problems and age-related constraints that make work impossible, the user stepped in to support them and to manage their finances."

"He persuaded them to sell their large, debt-laden home (despite their request that he simply continue paying their mortgage). Now they live in a modest cottage near him so he can regularly assist them. While his mother complains about the neighborhood and his father bristles at having someone else foot the bills, the real burden is the toll this situation takes on the user's own finances."

"To cope, he's working two jobs. He's hopeful that the home he bought for his parents will appreciate and ultimately yield a profit, but he's also anxious: his child is about to graduate, with new expenses looming. At the same time, he's committed to building his own nest egg so he doesn't burden his son down the road. Unfortunately, many Boomers are entering retirement without sufficient savings - so this Redditor is far from alone in having to decide how much help to offer."

Parents exhausted their funds five years ago and only informed their son when they faced potential homelessness. Health problems and age-related constraints made work impossible, so the son stepped in to support them and manage their finances. He persuaded them to sell a large, debt-laden home and now provides daily assistance while they live nearby in a modest cottage. The arrangement strains the son's finances, prompting two jobs and concern about upcoming expenses as his child graduates. The son hopes the purchased house will appreciate and is simultaneously building his own retirement savings. Many Baby Boomers lack sufficient retirement savings, increasing similar family burdens. The 2025 senior deduction and inflation-adjusted tax brackets may affect retirees' taxable income and Social Security taxation.

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