Saving For Mom And Dad's Retirement?
Jessica is concerned for her parents' retirement. She wants to know if she should start investing for their retirement. They are 55 years old. Dave says no and explains why.
QUESTION: Jessica in Buffalo is concerned for her parents’ retirement. She cleans their home once a month and wants to know if she should start investing the money they pay her for their retirement. They are 55 years old. Dave says no and explains why.
ANSWER: No, you should not. You should pray for them, and if the opportunity comes up, maybe talk to them about it. Then you need to get about the business of building your life and your wealth, and if you’ll follow the stuff we talk about here and over time you become wealthy and have several hundred thousand dollars in mutual funds because you’ve saved, invested wisely, and stayed out of debt and they need some money and you can help them because you have several hundred thousand dollars, that’s how you do it. You don’t have to have a “Mom and Dad are stupid” account. You just build wealth and if they end up having been stupid, then you can help them. It’s one more reason for you to get your act together because you can help those you love when you build some wealth.
It’s good to be concerned. If you have an opportunity to gently broach the subject about things you’ve been learning about money and how that’s helped you, then maybe they’ll want to know what you’ve been learning. Maybe you can pay for them to go through Financial Peace University. That would be cool.