Quote Originally Posted by Crankin View Post
I know this sounds cold, but every financial planner/advice we have received is to not ever do anything to compromise your retirement. That includes paying for things for your kids and your parents. When you think about it, it makes sense. If we end up without resources, then our kids or relatives will be taking care of us, and the cycle will be perpetuated.
I agree with this 100%. I'm an only child of 2 (divorced) parents who thought I was their retirement plan. Dad went on SSDI early and is now on regular social security. Mom has been borrowing money from other family members for years. I did give her a car I was going to trade in - but that's where it stops (she drives 20k a year and has never bought a car - always gotten someone to give her one). I paid for college (working 3 jobs at some points), and my grandparents did a significant amount of taking care of me when I was a kid. I don't feel much of an obligation to sacrifice my life for my parents (I do take my grandmother to the store and to the doc when I can).

What worries me are the filial support laws. They aren't heavily enforced now - but with the elderly population growing rapidly and fewer having the means to take care of themselves, I fear their enforcement will become more commonplace. Could conceivably make it impossible to save for retirement.