You wake up one day and it dawns on you, that somehow “You are your parents retirement fund”. In this guest post on Retirement Daily, I discuss some practical steps that will allow you to emerge unscathed on the other side.
Family dynamics, as well as the stage your parents are in on their retirement journey, will determine what’s practical in your situation.
The solutions may be the same, but foreign-born individuals are likely to have a different outlook. So I delve into the implications and expectations of that as well.
Over communicating and lots of kindness will be key to getting through the situation.
If this is you, take a deep breath – all is not lost. There are a lot of practical ideas, including government programs that you may be able to tap into. At the end of the day, you want to help your family, and you’ll probably be able to, but don’t ignore your retirement savings, which is key.
Here is a link to the full article You Are Your Parents Retirement Fund – Now What?
If you’d like to chat about any of the topics above or anything else money related, I would love to connect here.
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Disclaimer: This article is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for the purchase or sale of any security, investment advisory services, or legal advice. I encourage you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from Jane Mepham and all rights are reserved. Read the full disclaimer here.
Afraid To Talk To Your Kids About Money? My Mom Is Not
I talked to my kids about money starting with the day they tried making a fuss at the store about something.
It’s very interesting to hear of this experiences from my youngest. In this guest post, she details what she remembers about those money lessons and the impact they have had on her. Very interesting.
Do I Pay Taxes On Gifts From Overseas Family?
If I receive gifts from overseas, what taxes am liable for?
What are the tax considerations for receiving gifts from overseas families when you live in the US and you are a tax resident?
How to Report Foreign Rental Income on US Taxes
If I own foreign rental property, do I have to include the income when I file my US taxes? The answer is yes, although it depends on your tax residency status. Read the rest of the post for the details on how you go about figuring this out and what to do with your foreign rental income.
