Using IB Money to Help Parents With Retirement
Hi everyone - I’m about to start my FT role in a few months and I’ve been thinking about ways that I could potentially help my parents out with retirement. We never had a lot of money growing up, and they both wholly supported me throughout college even though it was hard for them at times(helped with groceries/rent when my paychecks weren’t enough). I want to give back to them and make sure they live the rest of their lives happy.
The main way I was thinking about doing this is through contributing towards their retirement. I don’t think they’ve been able to contribute a lot to their retirement so this would be huge for them. As I think they assume they will have to work the rest of their lives. Both are 54 right now. What are my options? What can I do? Has anyone else done something like this for their parents? Any help would be greatly appreciated.
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Bump
I'd say pay off thei house and any debts they have as soon as possible.
Then just invest into an index fund in their name but make sure when they're getting to 65 you adjust to more bonds/cash
It’s definitely a nice thing to do. My only .02c would be to make sure you’re stable enough first. If your parents are 54, they have ~10 years till retirement? If you plan to stay in the industry, I might wait till you hit associate and start pulling in a bit more money. In year 1, you could really stretch yourself to give them $25k. In year 4, you could probably do that without missing it
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