As Millennials face the reality of their parents nearing retirement age, discussions around retirement planning become essential. Some may feel inclined to support their parents financially, especially if their own situations allow it. One case from Reddit highlights a Millennial couple with a combined income of $160,000 ready to assist their parents, who are lagging financially as they approach retirement. However, they must navigate the complexities of balancing their own financial goals and responsibilities with those of their parents, ensuring a careful assessment of the family’s overall financial standing before proceeding with any assistance.
It's important to crunch numbers and understand your parents' financial situation before helping out—assessing assets, liabilities, cash flow, and their expectations.
While it’s commendable to help parents with retirement, balancing one's financial priorities with theirs can be tricky, but striving for coexistence is beneficial.
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