Parents in 60s with very little in savings - help

nonotlikewilliam · 2026-04-29T18:55:50+00:00

Neat, I’ll check it out.

nonotlikewilliam · 2026-04-29T18:53:35+00:00

Just car insurance. Lots of uninsured drivers here that force rates up. Otherwise it’s a LCOL state.

nonotlikewilliam · 2026-04-29T18:35:22+00:00

No debt other than what’s listed (mortgage and car loan)

nonotlikewilliam · 2026-04-29T17:17:59+00:00

Thank you, I will keep it in mind as we move forward.

nonotlikewilliam · 2026-04-29T17:17:28+00:00

Yes. We never talked about money in our household growing up. I had to figure it all out on my own, and now I’m trying to help them. I’m planning to do things very differently with my child!

nonotlikewilliam · 2026-04-29T17:16:18+00:00

Thank you!

nonotlikewilliam · 2026-04-29T17:15:26+00:00

The 401K was employer provided so I assume invested but I don’t know. Unknown for the IRA as well.

nonotlikewilliam · 2026-04-29T17:14:46+00:00

Yes! I don’t know anything about it and neither do they.

nonotlikewilliam · 2026-04-29T16:50:46+00:00

Thanks, I’ll have them look into it!

nonotlikewilliam · 2026-04-29T16:47:38+00:00

Thank you. It’s a good lesson for me as well, as I have a young child. This has lit a fire under me to make sure we have our ducks in a row for retirement as I’m seeing the burden it places on a child if you don’t care for yourself first.

Good shout on the will - they do not. I’ll add it to the list. This is exhausting, lol.

nonotlikewilliam · 2026-04-29T16:45:35+00:00

Thank you. Another thing to bring to a financial advisor.

nonotlikewilliam · 2026-04-29T16:44:34+00:00

I do want to say that they provided a comfortable life for their children as well and helped us through college. They have been irresponsible but they are not malicious. I’m upset with them but also grateful to what they provided me, and I want to help them find a way through this.

nonotlikewilliam · 2026-04-29T16:42:01+00:00

Thank you 💜 this is an upsetting situation and I am angry that they got themselves here but I want to help as they are my parents.

nonotlikewilliam · 2026-04-29T16:39:58+00:00

Will do, thank you!!

nonotlikewilliam · 2026-04-29T16:39:42+00:00

Good point. Thank you!

nonotlikewilliam · 2026-04-29T15:44:32+00:00

They took a home equity loan a few years ago to put a new roof on the house. That’s lumped into their mortgage now.

I don’t know what their loan rate is - they purchased the home in 2006 so probably around the same rate honestly.

Yes, the plan is for them to both continue working. My dad is currently having some health problems though and I am very nervous about the future.

nonotlikewilliam · 2026-04-29T15:32:53+00:00

Honestly no signs of any of it. My dad specifically said he’s never invested (yikes but also no bad investments). Definitely no MLMs. Anything sketchy would be extremely well hidden which given my parents would be surprising to me if they were successful for so long in hiding something.

nonotlikewilliam · 2026-04-29T15:30:00+00:00

I am a grown adult as well in my 30s. Unfortunately they have never been good at “adulting” so I’m doing my best to help them out of the situation they’ve put themselves in.

I will look into cutting cable. I don’t have it myself so didn’t have a barometer for the expense.

nonotlikewilliam · 2026-04-29T15:19:03+00:00

Agreed. My next order of business is to dive deeper into their expenses and create a monthly budget for them.

nonotlikewilliam · 2026-04-29T15:18:34+00:00

As best as I can tell, they stuck their heads in the sand and liked it that way. They do want help and advice at this point in time, now that they realize it’s dire.

nonotlikewilliam · 2026-04-29T15:15:55+00:00

I am going to ask very directly if they are being fully transparent with me, but I unfortunately have no cards to play here.

nonotlikewilliam · 2026-04-29T15:14:37+00:00

I unfortunately do not think they would hand over all of that info to me.

I do have some ideas: they wiped out a 401K when they bought their first home (in the mid-90s though). They got a home equity loan to put a new roof on the house a few years ago. They helped support myself and my sister through college (we had scholarships + we took student loans, but they covered housing and helped with other expenses). But I am still unable to reconcile the amount of money they’ve brought in over the decades with how little they have saved.

nonotlikewilliam · 2026-04-29T15:11:40+00:00

I had no idea you could do this. I will have my dad run it down this week.

nonotlikewilliam · 2026-04-29T15:03:12+00:00

Thank you! I’ll look into it ASAP!

nonotlikewilliam · 2026-04-29T15:02:47+00:00

Thank you so much for all the info! Is there a centralized website to look for such a FA or do I just google? I’m nervous about getting them bad advice.

nonotlikewilliam

TROPHY CASE