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.
To continue being a part of the conversation on financial issues that affect our lives subscribe to Elgon’s blog posts by email here.
6 Things to Do
When Starting A Job on H-1B Visa
You are starting a new job on a work visa, there are some critical things, that will set up for financial success in the first 3-6 months. Download the free guide below for the detailed list!
We never spam. By signing up you’ll also receive access to future resources right to your inbox.
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.
Amazon Visa Holder Laid Off – Your Financial Game Plan
If you are an Amazon Employee on a work visa, impacted by the ongoing layoffs, this one if for you.
You have 60 days to find another job, or leave the country. But there is a way you can stay for another 6 months, and use the time to organize your affairs. This post deals with aspects of your finances (EF, RSUs, 401k etc.).
You really don’t want to go it alone.
Is Cross-border Financial Planning That Complicated?
Cross-border financial planning is complex. In today’s post, I highlight some of the complexities with broad-based advice on tackling them. Or at least how to think about them.
You really don’t want to go it alone.
Do I Need A Trust, Especially On A Work Visa?
Should I create a trust for estate planning? This is a question that’s coming up a lot, as trusts have been sold as the answer to everything. In this post, we answer the questions, but we start by helping you understand trusts, what they are, what each of the trusts do.
By the end, you’ll have a good idea of whether you should create a trust or not.
