My mom is 65 and has been very sick and has been in the hospital for about 90 of the last 100 days. She is currently on disability and might need to retire early. She works in a public school system and has a solid pension through Massachusetts, but the extra few years would really help increase her retirement. My dad is 67 but doesn't have any retirement. They owe 70K on their house and they're getting worried that they won't be able to pay it back while also affording to pay for living expenses and car payments. I really don't want them to be worrying about money during this difficult time.
My wife's father gifted us $500K for a down payment on a house - I am very fortunate and because I have this money, I want to use my personal money to help them. My wife and I have another $105K saved up and all of this money ($605K) is in a high yield savings account currently getting 4.65%. I want to help my parents but am not sure how much I can give them. I make $105K a year and my wife makes about $95K. As we look for a house, we have moved in with her Mom so I am not currently paying rent. As such, I have a lot of money coming in every month right now.
I'm not extremely good with Finances, so I might not have even given you all of the required information, but what do you think I can afford to give my parents each much toward their mortgage?
Submitted September 19, 2023 at 10:21PM by DocumentBetter7388 https://ift.tt/rGF7efA
