Lately I've been wondering if there's something I could do financially to help secure some degree of financial assistance for my parents for when they retire/can't work anymore. My parents are not great with money, and my Dad is now 60, and my Mom's 50. My Mom doesn't work except for the occasional freelance gig, and maybe makes 5k/year. My Dad makes around 65k right now, but they never seem to have enough.
They have a mortgage, but I'd be inclined to think they're still 25 years or so from paying it off. They have about 10k in credit card/medical debt, and zero savings and no retirement accounts. So my question is: How can I set up something now, that will enable them to have a slightly better time handling their old age? I was thinking about Long Term Disability Insurance, but I was hoping for something else I could do, in the range of $100-200 a month that will enable them to have something useful in about 10-15 years. I can't imagine my Dad will even wait until age 65 to pull out Social Security, so I think they'll receive less per year because of it. Is there any way I can set up a fund now for them that will give them a small amount ($300 and up ideally) per month when they retire? Or would it be better to set aside money to pay off their debts, or go some other route?
Submitted January 04, 2017 at 11:37PM by losingaltitude http://ift.tt/2iCKuep
