Each have have <$150k of retirement savings.
Together, they have ~$600k in full life insurance.
They share a family house with probably $100k in equity.
They have each about $60k in student loan debt for my siblings.
Mom is a teacher’s aid, in her mid 60s, and may get a small pension if she continues to work until she’s 70.
Dad is an owner of a small business that is heading downhill, fast. It’s an S-Corp with a lot of debt.
Frankly, their mental health (depression, tinnitus) really weigh on them and impact their ability to make smart decisions.
They don’t want to be a burden, but have 0 financial savy.
I also believe my (2) siblings may require financial support in the future.
I’m the only one of my siblings that will make more than 60k/yr within the next 10 years. (I have a solid corporate job). My partner is supportive but (rightfully so) is worried that we will have to be financially/emotionally supporting them within the next 10 years or so.
They aren’t toxic and I do want to be in their lives, I just don’t know the best course of action that will still allow me to build my future (and keep me mentally ok).
Anyone who has gone through this have any advice on how/where/what to invest in?
Edit: For reference. One of my siblings did not go to school and is a single parent. They are working hard to improve their situation, but still have a child that I would like to help go to some level of college. No I don’t believe it’s my obligation, just a hope I’d have if I end up with a successful corporate career.
Submitted October 25, 2021 at 10:23AM by popgoesthetart https://ift.tt/3vIBN5F
