🔺 r/personalfinanceuKatie-in-Texas·66 days ago
How to plan for in-laws running out of retirement savings?
My FIL just spent a month in the hospital which made me realize that his ability to work may end sooner than anticipated, especially if he needs my MIL as a caregiver. They are 54F and 60M and have no plans to retire nor own any property. They have drawn from their retirement in emergencies and not made very much their entire lives to begin with. My husband and I are young (28 and 27) and just started to make good money (~$240k annually) with no debt. We save about 1/3 of our income (~10% retirement and ~25% down payment for a house in 1-2yrs) We also have a 6 month emergency fund in a HYSA. I’m a big planner and I like feeling prepared so my in-laws financial precarity stresses me out. Their future needs will be taken care of by us and be our responsibility. I know they will have social security payments but A) I’m not sure if there’s something additional me and my husband could be doing to plan for them running out of money or B) if there are any major holes in our own personal finances before we try to set aside money for them. TL;DR: my in-laws are bad with money and I want to be prepared to help without jeopardizing our own financial future submitted by /u/Katie-in-Texas to r/…