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Are your parents set for retirement?

My FIL/MIL are. FIL has a 401k, they have lots in savings, I know they have insurance and retirement accounts, plus FIL will have a pension fund when he retires from his job (he works for Halliburton--just had his 25th anniversary a couple years ago).

My parents on the other hand, didn't plan well at all. No retirement accounts, there is only dad's pension check from the Army. They are both retired and get SS and medicare now. He tried to qualify for VA benefits, but they turned him down. My dad drank all his money away. What didn't go to beer went to paying for medical bills for ailments (including surgery) caused by all the drinking.

I'm not close to my parents really, but I feel kind of bad for them. Is there something that they can do to improve their situation?

 
thatgirl70

Asked by thatgirl70 at 9:17 PM on Jul. 11, 2010 in Money & Work

Level 27 (29,531 Credits)
This question is closed.
Answers (10)
  • Yep. My mom had always been a stay-at-home/housewife, but my dad worked fairly high up in the government and was able to retire with a large portion of his salary at only 50 years old. However, even though they could live more than comfortably, he's one of those guys who can't stand to sit around and has therefore gotten another job...for fun, lol. I told him he's crazy! Now he's doing really well.

    I don't really have any advice, sorry. :(
    LovingSAHMommy

    Answer by LovingSAHMommy at 9:31 PM on Jul. 11, 2010

  • How old are they?
    musicmom08

    Answer by musicmom08 at 9:24 PM on Jul. 11, 2010

  • My dad is almost ready for retirement. He is only 57 and loves his job so he is going to work for a few more years atleast. My husbands parents were very well prepared for retirement. They are 55 and 57 and both have been retired almost 5 years.
    laciD

    Answer by laciD at 9:25 PM on Jul. 11, 2010

  • my mom is retired and she's not doing great but alright (lost a bunch in the last crash) and need to get her tail in gear and move her money around but.... its up to her. My dad is not at all ready... to put it mildly. He has not filed taxes in prob about 15 years and works his butt off and lives moment to moment but he's happy and lives well. his gf is not much better... but she has a ton of health issues. He's going to luck out in that he will be able to get some of my mom's retirement or ss or whatever b/c they were married for so long and that he really can live simply if he needs to .... I guess at some pt I'll get in-law quarters for them but that's about all I can do.
    Don't know what your parents can do other than part time work and try saving some now???
    MamiJaAyla

    Answer by MamiJaAyla at 9:25 PM on Jul. 11, 2010

  • My dad is retired and he is set. My mom is still working but she is very responsible and will be set as well. My MIL is living off of who knows what, she never planned for anything and she owes tons of money in medical bills and she blew an entire settlement from an accident she sued over. Very sad.
    KTMOM

    Answer by KTMOM at 9:33 PM on Jul. 11, 2010

  • My father could retire at any time if he would let his wife stop spending his money. He does have a 401k, military pension, and his own private retirement investments. She just likes to spend his cash. He is 54 btw.
    Aqua_Jen

    Answer by Aqua_Jen at 9:49 PM on Jul. 11, 2010

  • See if there a Meals on Wheels program in there town. http://www.mowaa.org/


    There is also the Angel Food program that can help as well. https://www.angelfoodministries.com/ 


    If you can help, help them with their utilities it would be one less headace for them to do. GL

    musicmom08

    Answer by musicmom08 at 11:13 PM on Jul. 11, 2010

  • My dad is 73 and my mom will be 69 next month. My dad can't work for medical reasons and my mom hasn't worked in probably 20 years or more. I'm not even sure if she'd be able to work either because I know her health isn't so great.
    thatgirl70

    Comment by thatgirl70 (original poster) at 9:30 PM on Jul. 11, 2010

  • Forgot to mention, my dad planned to work until the day he died, but it wasn't meant to be.
    thatgirl70

    Comment by thatgirl70 (original poster) at 9:33 PM on Jul. 11, 2010

  • They aren't starving for food or anything. Their house is paid off, dad's pension check pays all the bills, they both get SS, so there is enough for all that. I worry about when they can no longer take care of themselves--if it comes to that point. My 2 older brothers and nephew live w/ them and both are on food stamps (one can't work due to a disability, the other is looking for a job).

    I can't help, DH has been out of work for months, having enough of a struggle getting my own bills paid. :)
    thatgirl70

    Comment by thatgirl70 (original poster) at 12:50 AM on Jul. 12, 2010

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