Just a note of encouragement out there to parents who might be torn between spending money on your kids versus saving for retirement.
I'm in my late 40s, approaching that age where many people have to help their parents out financially. This holiday I sat with my Mom & Dad (late 70s, semi-retired) and they showed me the details of their own financial planning--personal retirement savings, paid-off home, long-term care insurance, etc. Although I'd always known they'd planned for retirement, it was a relief to see that a combination of luck and frugality have left them financially stable as they age.
Catastrophes happen, and some day I may need to pitch in and help them out. But for now, it's a HUGE weight off their kids' shoulders that they prioritized their own retirement. So I just want to encourage all parents out there to please think of your own retirement health as a favor to your kids as well as yourself! Obviously I'm not saying don't ever spend money on your children, but trust me, saving for your own retirement is a HUGE gift to your kids' future. Even if they won't quite realize it until they're well past 40.
Cheers for 2019!
Submitted January 02, 2019 at 11:40PM by roadtriptopasadena http://bit.ly/2F4A9Dc
