Im 18 and my parents only hope at retirement/ not working until they die, how can i contribute to their retirement?
Long story short im one of three kids, the others being 16 and 3. My dad sacrificed so much to get custody of me and my second oldest brother during his divorce with my mother and he’s pushing 50. He also takes care of my half brother (my mothers son who is 29) because he has made poor decisions his whole life and cant live on his own. also 6 animals in the house. So expenses are through the roof.
-Im not aware of all there debt/expenses but i do know they have house debt/cars and other things. They both make about $85k a year each and have nearly nothing put into retirement due to taking care of kids and life.
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Just to clarify they never asked for my help, Its just now that i am getting older i am understanding their situation more and more and I don’t want them to work until they die and I want them to actually retire. Especially since the men in my family usually die early it’s made me realize my dad might only have 10 yrs left.
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A little bit on my situation is I have no debt besides an auto loan for 18k. Not in college, considering flight school or college next year or soon. Work at Costco making $20/hr working 40 hrs a week. Still live at home, no bills besides car payment of $400 and car insurance of $130.
-Is it possible to contribute to a retirement plan for them or life insurance? Should i just save up pure cash and gift it to them? What are my options if I want to help set them up for retirement?
Posted Mar 16, 2025, 1:07 AM UTC