So right now i am thinking what would be my course of action my dad and mom have no retirement saving and right now they are at 50 and they are eundocumented so they have no benefits from the goverment and they live in the us what should i do in order to prevent it from being a big deal later on i am 25 and sadly they dont want to talk about this situation they have nothing on their name .
retiring problem prevention crisis
byu/Muted-Ad-5253 inFrugal
Posted by Muted-Ad-5253
9 Comments
Honestly, they need to not be here in the United States and their retirement isn’t your problem. And they need to leave voluntarily before they create a lot of legal problems that they can’t afford. You all are creating a big problem because right now you all have some control over their circumstances and can make a difficult transition back to the wherever they are citizen, easier than if one or both of them get caught and are immediately deported. I don’t know why you would even play around with this.
They are young enough to establish themselves where they are legal citizens and maybe be able to retire but that is not going to happen in the US
Do you have a really good job? If so, you could sponsor them!
They are probably in big trouble. First with crackdowns and deportations of undocumented aliens , then with no income or benefits, they will need to rely upon someone (you) to support them.
I admire your dedication to your parents, and I’m sorry for the tough situation you find yourself in.
You will probably have better luck in the r/poverty finance sub than here, I think.
Do they work? you didn’t mention it, just that they have No retirement…
Congrats you are the retirement plan. So you should probably prepare now that when you get a place you will need room for them.
Try asking them which country they would prefer to retire in. That decision may well be imposed on them if no action is taken.
open a brokerage account for them. Have weekly automatic buys of fractional or whole blue chip stocks for the next 15 years.
Unfortunately, they will start to depend you more and more as the years and decades go by, whether they remain in the US or not. Maybe your siblings as well, if you have any.
Without any retirement savings either here in the US or in the home country, there won’t be a source of any money for them when they’re too old to work.
That money for food, shelter, medications, and just day to day expenses has to come from somewhere and that looks to be you, unless there are programs or any other sources of income.
How do I know this?
From my own personal experience, unfortunately.
For many people of the previous generation, their children are their retirement plan.
This is obvious from the questions parents and other relatives ask me when I say that I don’t plan to have any children:
“But who’s gonna take care of you when you’re old??”
Which means that I’m supposed to take care of them and then pass that burden on to my kids when it comes to be that time.
Not having kids seems crazy to them.