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What to do when your parents didn’t save for retirement

December 19, 2021

From the CNBC website

As you parents get older, you might be holding off on having a tough conversation about how much they’ve saved for retirement or what they plan on doing once they begin collecting their Social Security benefits. It can be difficult to bring up the topic of retirement with your aging parents, but if they haven’t stashed enough away in a 401(k) or an IRA, you or your siblings could end up being their retirement plan. 

If you’re waiting to have a conversation with your parents about what their retirement plan is, you shouldn’t put it off any longer: A recent report by the Federal Reserve found that more than 25% of non-retired adults had no retirement savings at all. According to a 2020 AARP report, almost one-third of adults with at least one living parent are providing financial support to them and more than 40% expect to provide support in the future.

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