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Reply #25


Response to pa28 (Reply #19)

Wed Dec 19, 2012, 06:45 PM

25. I know a young couple who are having to support the husband's parents.

One parent lost his job a few years ago and, although he tried, could not get another one.

The other parent could not work.

The parent who lost his job was diagnosed with a serious cancer. He had to have surgery, and afterward, the medications necessary to keep him alive cost thousands of dollars each month (really).

Meanwhile, the parents' house, upon which they had taken a second mortgage, fell under water in the housing crash.

All this happened to the parents when the parents were in their 50s before they were eligible for Social Security. Of course, since the one with cancer had no decent health insurance and they had no money, they had to go on Medicaid. Now they can't take Social Security until the parent in need of healthcare is eligible for Medicare.

And these two young people are trying to support their parents.

Young people had better understand that a lot of states require children, grown children, to support their indigent parents. I don't know if that is the case in California, but it certainly was the case here in the late 1990s. So, you can't just think about saving your own retirement. You could be on the hook for your parents' retirement if Social Security and Medicare are underfunded.

As it is, nursing home care is not really adequately funded. If your parents have to go into nursing homes, you could have a big problem.

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LineLineReply I know a young couple who are having to support the husband's parents.
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