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.
What Is Equity Compensation? A 101 Guide For Immigrants
What is equity compensation? This is a 101 guide for immigrants and foreign nationals on work visas with equity compensation. I address NSO’s, ISO’s, RSU’s ESPPs and Performance Stock Units.
In this intro guide – we discuss the characteristics of each, the tax treatment of each type and what to watch out for with each type.
Where Is The Best Place To Invest Short-term Money Now?
Your short-term money (0 -3 years) is very different from your long term money (10-15 years +).
The priority is to keep that money liquid, and easily accessible. Next you want that money to keep up with inflation. Now if you can can get some interest of top of that, that will be awesome.
In this post we describe all the place you can invest your short-term money and how to think about your emergency fund.
How To Prepare For A Layoff On A Work Visa
Good financial planning will ensure you are well-prepared for when bad things happen.
If you are on a work visa, and you get laid off – you have 60 days to find another job or leave the country.
In this post, I provide a list of things you can do ahead of time to avoid having to scramble last minute if laid off.
