This situaion is, unfortunately, all too common in the good ol' U S of A. It a country where the overwhelming majority would be considered wealthy by most of the rest of the world, we have folks who have worked their butts off for 40 years and have little or nothing to show for it. The time to plan for retirement is when you get your first job, not when you're in your 50s or 60s. The most depressing statistic of economics in this country is that our savings rate is a negative 2%. We spend more than we earn, live in the lap of luxury with huge credit card debts, live in homes we can't afford (and so big there are rooms we never use), buy new cars every 3 years, can't live a moment without buying the newest and greatest, and then complain that we can't afford to retire. SHEESH! Our children are taught that they have a right to be given anything they want rather than having to work for it. It's just a mess.Every person who has a job in this country can afford to save something. I don't care if they are living on minimum wage, they can still afford to save something. All they have to do is make choices not to spend.I'm speaking from experience. I never had a high-paying job but retired comfortably at age 50. I have no financial worries and probably won't for the rest of my life. Basically this was done through a consistent and absolute budget that required that I pay myself first. I'm somewhat of an example of the folks you can read about in "The Millionaire Next Door," although I never owned my own company nor had a high income.I realize it's too late for your parents to have much impact on their current net worth, but it's certainly not too late for you. Learn from their experience and start saving, not spending.GlennRim
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