How to help aging parents with massive debt and no retirement savings

“My parents are 66 and 69. They have no money saved for retirement and do not have jobs.”source ↗

“They have been living in their sprinter van for the last ~2 years with all of their belongings in storage (1k+/month) while they look for a house.”source ↗

“Looking for any advice on navigating this situation and dealing with the anxiety that it gives me.”source ↗

“So my parents have little to no retirement savings because they’ve invested so much in me and my sister’s education and college funds.”source ↗

“I’m considering, should I bite the bullet and give up the privacy and lifestyle I created so I can cut down on my budget, perhaps live with some roomates, and use the rest of the money to help fund my parents retirement?”source ↗

“I’m so lost idk… it’s a heavy burden being the elderly child of immigrant parents who aren’t very financially literate”source ↗

“My (27F) mom (56F) recently confessed that her & my dad (59M) have no money, no savings (drained 401k and any other savings accounts), and are in a load of debt (minimum $150k debt, max could be somewhere over $1mil across all accounts, including business).”source ↗

“I truly don’t know how to help them or how to cope with this.”source ↗

“They’re not asking me for help or to do anything, but I feel like I need to step in here and do something to help (even just by providing resources or something)”source ↗

“It just sounds like she’s not going to have nearly enough to chill in retirement, especially in a HCOL city like LA. And I don’t really have the funds to help her at this time.”source ↗

“I’m just growing concerned that she lacks a concrete plan.”source ↗

“How could I care for my parents here in the United States? I live and work in New York City and they live in suburban Chicago…. What am I supposed to do, quit my high earning job to be a caregiver to 80 year olds?”source ↗

“Please help, my 70 year old in-laws are in almost 100k of debt.”source ↗

“My in-laws are in the negative and I’m trying to figure out the best path forward.”source ↗

“I simply don’t know what to do to help them. Any and all advice is extremely appreciated.”source ↗

“My parents' financial situation is stressing me out. They've lived pretty irresponsibly financially for almost all their lives.”source ↗

“They had no money, no savings, so I had to move them out of the apartment they're in.”source ↗

“However, my dad has no money, bad credit and I'm the only son who can actually help.”source ↗

“I'm pretty stressed out, and I don't know what to do. I kind of just want to wash my hands of the whole situation.”source ↗

“My husband has been paying his rent for the last 3 months. It's $2500 a month and his dad hasn't helped to pay besides this last month where he came up with $400.”source ↗

“My husband has been using money from his savings account to pay the rent, but that money will run out soon.”source ↗

“As time goes by I am starting to see how controlling he was with money (which is a whole different post). It does not appear that my mom has much knowledge beyond basic common sense.”source ↗

“She wants to invest the proceeds and replace the income and she's asked for my help.”source ↗

“So the real question is for people who've been through this, how can I support her? As I said she's been left out historically.”source ↗

“I've told her I will sit with her during meetings if she wants, or whatever else it takes, but I'm still learning all this stuff too.”source ↗

“I think within 4 - 6 years she may need to switch to assisted living just to ensure she maintains her desired living standards”source ↗

“Is there anything we should be prioritizing that we haven't thought of?”source ↗

“My parents have done well running businesses, but investing has never been their area of expertise. I’m helping them simplify their IRAs and would appreciate feedback on the allocation I’m considering.”source ↗

“Is 75% stocks / 25% bonds reasonable given their ages and continued business income?”source ↗

“What information about their finances or comfort with losses should I clarify before choosing an allocation?”source ↗

“I talked with both of my (divorced) parents about their financial situations last week for the first time and now I am concerned for their future.”source ↗

“My husband is the money guy in our relationship and when I told him the situation he got very concerned and said it sounds like we might have to take care of them when they age”source ↗

“My question is, how the heck do you finance that amount of money? Put it all into one investment account? I am not well educated on investing at all, and am absolutely clueless. I really want to help my parents, any and all advice is welcome.”source ↗

“The biggest thing I am not sure of if I am going to be able to keep supporting my dad after moving out, when I try to talk to him about this he gets super defensive and says stuff like "Oh without your help we'd be in a cardboard box down by the interstate"”source ↗

“Right now about half my paycheck goes to him to keep the power on and the utilities along with half the mortgage”source ↗

“I've offered to try and install a furnace or some mini splits but dad doesn't trust them because he's afraid they'll poison him in his sleep, last winter our electric bill was almost $1k a month which is what really messed up my finances.”source ↗

“The biggest thing of all is the mental drain, like I said I love my dad but he's stuck in the 60s when it comes to pricing”source ↗

“how much should I plan to give/help them?”source ↗

“My brothers want to split the cost and in the discussion, mentioned how they see us as the parents retirement and want to start subsidizing them.”source ↗

“I do feel bad for not wanting to contribute when I'm earning much more than my parents. On the other hand the money could go to my children's accounts.”source ↗

“This is actually something Ai also recommended bc I could set up automatic investing into them as well instead of me going in a buying the 3 funds and keeping up with the allocation. But how do you choose which target date?”source ↗

“He has made countless bad financial decisions, and I'm just learning of this today: after spending most of his 401k while waiting on SSDI and paying off debts, he was talked into an indexed annuity "by a very nice man" with the last $55k”source ↗

“I am missing a lot of info at this point, but I am hoping to get some insight into the info I will need to help him evaluate his situation.”source ↗

“I've given up on him making decent decisions, even when I've asked that he run things by us first, so, even though he's probably lost and is losing a lot, perhaps it's better if he just gets a monthly payment rather than risking another poor decision with the principle?”source ↗

“We are currently looking into senior living apartments. A lot of places are asking for a minimum income that is higher than what he receives, so that's what's making it complicated.”source ↗

“Like most people, I know nothing about bankruptcy, and I didn’t even know if this would be an appropriate circumstance to pursue it.”source ↗

“I know nothing about bankruptcy and I didn’t know if this situation was appropriate enough to pursue that direction.”source ↗

“Hoping to help set them up better than they have in the past to help allow for retirement.”source ↗

“Investments ~$1.1 M (this is where I’m mainly looking for advice, will get into split shortly)”source ↗

“Mortgage ~400k outstanding (~6ish%)”source ↗

“They, for lack of better words, have been scammed by stock brokers in the past concentrating nearly their entire portfolio into individual stocks.”source ↗

“Hoping to find the right balance moving forward, and devise a strategy.”source ↗

“Trying to manage this for them, especially when they aren't comfortable with risk, is only going to end poorly.”source ↗

“It's hard to not want to help my parents, but I think I need to let them handle it once my grandfather passes.”source ↗

“They don't like to talk about finances or specifics like I mentioned in another comment, which is why I've got so little information :(”source ↗

“I’ve done all that I can for 25 years and she will not listen to me.”source ↗

“How can I help him manage his money? What’s the EASIEST way to do it? He can barely use his phone. I need this to be EASY.”source ↗

“My parents are in their 70s and recently sold their house to downsize to an apartment. They now have their home equity and are struggling to save it.”source ↗

“My brother and I are hoping to find a good way to invest it or lock it down so they don't spend it all.”source ↗

“Can u guys suggest good health insurance. My parents over 60 and I’m new to this .. it’s really confusing on what to choose”source ↗

“She is not open about this with me or the family so there is no way that I can get through to her. I’ve tried for years.”source ↗

“As I become a bit more financially literate and stable, I've started taken an interest in my parents retirement and would like to help them be well setup for it. They are not the most financially literate people and they generally shy away from talking about money, but they're asking for my help with it.”source ↗

“The $150k loan @ 4.86%. I would like to sell some of their assets to pay off this loan ASAP and stop paying interest on them.”source ↗

“The portfolio itself is pretty complicated. It has around 30 positions, including a large SPY position, developed- and emerging-market stock ETFs, corporate bond funds and individual bonds, bank preferred shares, five structured notes, hedge-style ETFs, and gold.”source ↗

“Fees. It's hard to know what fees this bank is charging them (it seems like you need to email them to get any info), but their 2025 tax statement shows about $4.6k in bank fees, so it works out to be around 0.65%”source ↗

“i have acted as her sole care taker for many years since i was a child (i was raised by my grandparents due to moms substance use/mental health issues).”source ↗

“i have so much resentment towards my family for not helping me and it feels like i haven’t been able to enjoy the wedding lead up at all.”source ↗

“i just feel like ive wasted what was supposed to be one of the best and most exciting times of my life.”source ↗