So here’s the deal. My dad drives for Uber full-time. He did an amazing job saving for college for me and my brother, but now he has almost nothing saved for retirement and no investments. Should I help him start a Roth IRA and suggest putting it into an S&P 500 fund? I don’t want him to work forever. Would appreciate any advice.
Edit: I’m 18, and my brother is 16. I’m currently working hard in college, and my plan is to get a good job so I can support myself and help my dad. Either way, I’ll make sure he can retire comfortably. I just want to get him started until I have my own income.
Edit 2: Thanks for all the advice so far! Another thing to add is that my dad wants to retire in Egypt. That’s part of why he isn’t too worried about savings—he could live comfortably there on $1–2k a month. I’ll work hard to make sure my family, including my parents, can live well. Thanks again for the help!
Milo said:
If this is the case, you and your brother might end up being your dad’s retirement plan if he doesn’t want to work forever.
It’s not fair for parents to neglect their retirement for their kids. Supporting their children is important, but it should never come at the cost of their future.
Avi said: @Clancy
Imagine criticizing someone who worked tirelessly for their kids just because they didn’t save for retirement. What matters is his effort.
I’m not criticizing his effort. I’m saying there has to be balance. You can’t put all your resources into one thing and ignore your own future.