I don't know where to turn to and not managed to tell my SO yet but my mum has told me that she and my dad have no savings left and cant pay their rent or bills this month or for the foreseeable.
My dad is in his mid 70s and works when he can plus has his state pension but my mum retired 10 years ago when she was 50 (she's quite a bit younger than my dad) and is now saying that they have spent all their nest egg. They don't have any assets as they lost their house years ago as they were on an interest only mortgage. They got to keep the market increase in the houses value when they sold so I assumed with that money plus my mum's two private pensions that she had figured out she had enough to retire. My dad has never been good with money and has never saved for his retirement but his plan was to keep working.
My dad has had a recent health scare and has been unable to work for a few months which lead to my mum calling me yesterday saying they have no money, cant pay their rent and they are now getting bank charges and could I take on some of the financial burden. I am an only child so have no siblings to help but I have two kids of my own, a mortgage that is due to double in a few months because of the rising interest rates and my outgoings are spiralling out of control with rising living costs...we are barely scraping by as it is...and its only due to get worse.
I suggested maybe she go back to work (she is totally fit and healthy) but she told me I was being 'cruel' and 'unhelpful' and she wishes she belonged to a community where children took care of their elderly parents. She has not answered my calls or texts since.
I don't understand what her long term plan is? I have a very strained relationship with my parents due to having endured a pretty poor childhood and we don't really talk or communicate very often so they have never been open with me about their finances or life plan.
My mum is my biggest worry. She is only 63! She could conceivably live until her 90s. I cant wrap my head around the fact that her retirement plan seems to have been constantly dipping in to dwindling savings whilst relying on a man in his mid 70s to pay the rent and bills. And now that he cant work, is her plan to now put that financial pressure on to me? Or worse, to come and live with us for the next 20-30 years? We don't have a good relationship so I cant see how she would ever have thought that would be her life plan.
I am now worried sick about how they are going to survive paying rent, spiralling bills etc but I don't feel its the right thing to do to help them. If I help this month what about next month? And next year? And the next 20 years?
If I were to help them in any way short / long term it would be a drop in the ocean compared to what they need to cover themselves every month (their rent alone is £2k a month) and would negatively impact my own financial safety and that of my children's. I feel utterly torn and lost and just cant believe their stupidity and not planning for / seeing this coming!
Is anyone else out there dealing with this?? Or does anyone have any advice at all xxxx