How much savings do your parents have?

amother

Tan

Thu, Jun 20 2024, 7:59 pm

Highstrung wrote:

Don’t know and I don’t think it’s my business really.
If the parent can no longer take care of themselves (example when my father had a couple of months to live) we had the discussion.
I know nothing about my mothers finances but it’s no where near half a million . My father had less than $50k . I’m not sure why you are worried about her having $500k. That seems to be pretty decent .

Not if she doesn’t own a house or have a pension.

amother

Apricot

Thu, Jun 20 2024, 8:05 pm

Nothing. They are about 800k in debt. They own nothing and dont even qualify for social security because they dont pay taxes.

I guess when they are super old and incapable of taking care of themselves, they will qualify for medicaid/medicare and that will pay for their nursing home. I can obviously help somewhat but I cannot care for them on a daily basis or finance a lifetime of poor decision making.

amother

Watermelon

Thu, Jun 20 2024, 8:12 pm

small bean wrote:

why would you want your mother to have a certain amount of money?

Probably so that she has the means to support herself financially. Wouldn't you want your parents to have financial stability in their old age, and not be struggling?