Your parents need another $1,000 every month, and they have decided to ask you for help. Maybe Social Security covers their groceries and utilities but leaves little for everything else. Perhaps rent climbed, insurance premiums jumped, or an unexpected bill exposed just how thin their retirement budget has become.
The request sounds manageable until the calendar gets involved. That $1,000 becomes $12,000 a year, then $60,000 over five years, before accounting for inflation or changes in your parents’ needs. Helping them could keep a roof over their heads, but it could also delay your retirement, drain your emergency fund, or turn a temporary favor into a permanent obligation.
