To ask if you budget for this??

[goldenfoldies]

Do/did/will you budget for helping out your parents in their old age/retirement?

If so how much?

I have name changed for this and am looking to settle an argument with someone. Won't say which side I'm on just yet. But just curious as to what others think/do?

No. I've never heard of anyone budgeting for that. I know some people who are a lot wealthier than their parents and their parents are poor may help them out but this is a bit ridiculous.

I do, not so much for retirement but I give a little bit just in general. Mines went without so I could have. Now I can return the favour.

Yes.

My mother and grandparents had poorly paid jobs and have no real savings (grandparents have their 'funeral savings' only). They own a house which is still mortgaged. Fortunately, the area we all live in is quite cheap. My mortgage is less than 20% of my monthly take home pay. I pay half their mortgage each month to ensure they have some money to enjoy their older age. Whenever we go out for meals etc (not done for such a long time now!) I generally pay. They don't need care as such but do need help - taking to hospital appointments, doing the phone calls, batch cooking, bulky shopping, heavier jobs in the house or garden etc - so I provide this for them, and for some extended family whom I do not and will not financially support (they have children, though not very locally).

They have helped me when they could in the past - they gave me a small amount of money towards my mortgage deposit (but to them, it was a large proportion of their money - about a grand from my mother (she was still working) and similar from my grandparents), I didn't pay rent when I finished uni and was job hunting and was living at home, and, when work mucked up my pay, my grandparents loaned me the money so I could still pay my outgoings.

I expect that when there is only one of them left, I will end up moving in with them (possibly renting out my house) as none of them has ever lived on their own.

We didn't budget for it exactly but we do provide a lot of assistance to them and toward their houses (they aren't together). Recent things have been a shower room, and a garden makeover. Also lots of little things like daily lunches. We also set up a standing order for a bit of financial help for my mum, and we bought them both adjustable/electric beds recently and wheelchairs as they are both in poor health. I hadn't really thought about it but I guess we do spend rather a lot. But it's what you do, I would hate to see them struggling.

Nop! My parents have been on benefits from the age of 18. They seem to have this idea that the system is responsible for them. Drops hints that "(insert my name) will look after me I my old age". No, mother I will not. However, I have an amazing PIL to which I will make time to look after, if need be. They won't be put in a nursing home.