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The Ramsey Show Highlights

My Parents Are Looking To Me For Their Retirement Plan

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 10 December 2024

⏱️ 12 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

Brought to you by the Every Dollar app. Start budgeting for free today.

0:06.7

Okay, so I have a question. And just to paint a small picture, my husband and I, we've been married for seven years.

0:14.1

We have no debt other than the mortgage on our house. And so we're very thankful and I've worked very hard for that.

0:20.8

We've got two young kids

0:22.5

able to establish an emergency fund and retirement accounts and college savings for them.

0:28.6

But with all of that said, my parents are really not on a same financial path as we are.

0:35.6

My dad is in his 80s now and still works full time. My mom does not

0:40.5

work and she hasn't worked before, but just recently they've been bringing up to us, kind of my

0:45.2

husband and I, that they don't know what they're going to do for retirement. They have no retirement

0:49.1

savings, very little in a savings account. They're not even really in a place to afford the house that they own with the money that

0:57.7

they're making.

0:58.8

And we're starting to get this feeling that they're expecting us to take care of them at some

1:03.6

point or to do something to help them.

1:06.2

And without tapping into our own retirement or savings for our children's college and things

1:12.2

like that, we're just really not in that type of space.

1:15.1

And so my question is, is it too late for them to start putting together a retirement plan?

1:23.0

What are some options for them or how best really, what kind of boundaries do we need to set as a young

1:28.4

family in helping out that other generation in retirement wow i mean it it sounds almost

1:37.5

ludicrous should just say out loud he's 80 and now he thought about retirement

1:43.2

golly wow uh He's 80, and now he thought about retirement.

1:45.6

Golly!

1:47.1

Wow!

...

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