[‎‎Tara‏]

Has ChooseFI (or any similar podcast) ever done an episode that focuses on what to do—financially and emotionally—when aging parents run out of money?

I’m looking for practical advice, strategies, or just personal stories on how to handle this kind of situation without putting your own financial future at serious risk.

Many of us in the FI/RE community plan carefully for our own independence, but what happens when parents, who didn’t have the same mindset or circumstances, suddenly need support? I’d especially appreciate episodes (or blog posts, articles, etc.)

that cover things like legal tools (e.g., POA), boundary setting, long-term care options, family communication, and how to manage the guilt that comes with these tough choices.

If you know of any episodes that touched on this, or if you’ve gone through it yourself and have insight to share, I’d be really grateful.

I’m trying to plan ahead rather than get caught off guard.

[Roy]

My parents split when I was a baby and I ended up with my dad. He then abandoned me to run away with his mistress when I was 14.

It’s been a blessing and a curse, but definitely means I don’t care what happens to him.

He’s been divorced five times and is old, broke, and lonely.

[Bill]

I mean, you don’t have to give them a penny and you don’t have to let them live with you. If you do choose to give them anything, you can set whatever reasonable guardrails you want and put any conditions on that help that you want.

bTW if you look around, you don’t see a bunch of elderly people living on the streets in the US.

We have SS and all sorts of subsidy programs available for older people.

They may not provide a glamorous life, but basic needs are coverable.

[Kowitz]

Have a conversation with them now? Have them write up a plan and a budget to outline their care.

You won’t be obliterated but their care will be limited to the capacity you can afford, which might not be much, so they need to plan for their future or be prepared for a reality they might not enjoy/agree with.

[Author]

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