Since finishing school last year I’ve been a bit more cautious with my spending habits. I have debt from OSAP, but I’m living with my parents for a while until I pay most of it off. Although I’m about $35,000 in debt, my financial situation isn’t the one I’m worried about ¬– I’m worried about my parents.
They are close to retirement, but they’re not ready for it. They aren’t done paying their mortgage, they have car payments to finish off and close to no savings. My mom has some land in the Philippines, but I’m not sure if this was much of an investment. They say they’d like to retire in the Philippines, but as far as I know they would still have to stay here few months to receive their pension.
Do you have any advice for a daughter who is worried about helping their parents when they eventually retire? How can I help them make goals for themselves before their retirement comes? Is it too late? I'm a bit terrified thinking that my parents inability to plan ahead is going to fall on my shoulders eventually.
lenlen146 karma
Hi Rob,
Thank you for holding this AMA.
Since finishing school last year I’ve been a bit more cautious with my spending habits. I have debt from OSAP, but I’m living with my parents for a while until I pay most of it off. Although I’m about $35,000 in debt, my financial situation isn’t the one I’m worried about ¬– I’m worried about my parents.
They are close to retirement, but they’re not ready for it. They aren’t done paying their mortgage, they have car payments to finish off and close to no savings. My mom has some land in the Philippines, but I’m not sure if this was much of an investment. They say they’d like to retire in the Philippines, but as far as I know they would still have to stay here few months to receive their pension.
Do you have any advice for a daughter who is worried about helping their parents when they eventually retire? How can I help them make goals for themselves before their retirement comes? Is it too late? I'm a bit terrified thinking that my parents inability to plan ahead is going to fall on my shoulders eventually.
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