How To Help Your Parents With Money Problems

If your parents wind up needing you to bail them out, what do you do?

Transcript

00:00Sure, you've been saving up for retirement just like everyone told you, but if your parents

00:08wind up needing you to bail them out, what do you do?

00:11Well, first off, remember what they always tell you about an airplane emergency?

00:15Put your own life mask on first before trying to help others?

00:19And if you're partnered, that includes talking to them before doing anything to make sure

00:23you're willing to provide, as NerdWallet points out.

00:26If you have siblings, talk to them too.

00:28There may be less strain if you're working it out together, if you can help your parents

00:32without putting your own finances in jeopardy.

00:34Cameron Huddleston, who literally wrote the book on this topic, tells MarketWatch you

00:38should reach out gently.

00:40That way, you avoid making them think you're criticizing or passing judgment on them.

00:45If you've noticed signs that your parents may not be financially stable, open up a dialogue.

00:50You may be able to walk them through a budget that they can afford.

00:53And set them up with a financial planner or a credit counselor, or contact your local

00:57area agency on aging to see if they're eligible for Medicaid or other resources.