Planning for Aging Immigrant Parents' Retirement

Speaker 1 0:00

All right , raise your hand . If you are a first gen , who is pretty much your parents' retirement plan , and you are so stressed on how you are going to do that I mean , that is me , I'm raising my hand up . Well , this episode is for you because we are going to get into how to plan for the retirement of our aging parents . As a first-gen immigrant , hola hola , welcome to the Money Chisme Podcast . I am your host , violeta , a first-generation Mexican immigrant entrepreneur and real estate investor . In this podcast we get the achievement on entrepreneurship , real estate investing and other financial topics from myself and other financial experts where we share financial tips and tricks and other money talks . We also hear from our own community on their entrepreneurship and financial journeys , because representation matters . So make sure you follow and rate the podcast and all the social media below to help the podcast grow and reach more of our own community . Okay , being a first-gen immigrant , you know there is some unique responsibilities , especially when it comes to caring for our aging parents . A lot of us tend to be the retirement plan for our parents and you know that cultural expectation can weigh heavy and stresses out . And you know we're trying to figure out our own finances and stuff , and so it can be intimidating and overwhelming . And so in this episode , we're going to cover , you know , some steps on how to plan for the retirement of your parents , for the retirement of your parents . But before we get into the main topic and the steps , I want to get a little bit of that mentality and those emotions out of the way . Because again , being that retirement plan for our parents , you know it's a little bit annoying , it's overwhelming . Parents , you know it's a little bit annoying , it's overwhelming . Uh , again , we're trying to figure out our finances , trying to get ourselves financially stable and figure out what we have to do and figure out our own financial shit . And so now , um , as our parents get older , we have to start thinking about , like you know , what's going to happen with our parents , how are we going to provide for them in their retirement ? Because the reality is , most of our parents really didn't plan for their retirement . They kind of just like hit the ground running and started working and just trying to provide and survive here . And so now that they're getting older , it's kind of like scrambling to figure out what we're going to do to help them out .

Speaker 1 3:11

And being first gen it puts us in this unique position where we are not only trying to figure out the retirement for our parents and having to provide for them , but also , you know , if you have kids or plan to have kids , um , setting up the future generations up for financial success . So , um , it's stressful . You know , we , we try to like , sometimes we have that mentality or I've seen it to where , like , we kind of get so overwhelmed that we kind of like , why are we the retirement plan ? And I refuse to be the retirement plan , but I've had those thoughts too . But at the end of the day , at least for me and for those that do want to or , you know , want to , plan for , to , to provide for their family , for their parents , um , that's kind of just something that we have to do .

Speaker 1 4:11

And you know , it's kind of um our culture as well , because , at least for myself and similar , you know cultures , you know , uh , it's a collective mentality , whereas here in the US it's an individualistic mentality . But it's expected that , you know , the families come together to provide for each other and stuff . And I see it in Mexico with , like , my dad's side of the family and my mom's side of the family , where you know they are coming together and providing for each other and helping each other out when you know somebody needs help or whatever . And same thing with my mom's side is um , which you know a lot of us can probably relate is that you know our parents send money to Mexico to provide for their own parents , because , again , it's kind of that cycle of being the retirement plan for um is that your children are going to provide for you , and that has been the case . Uh , as far as my experience with my mom , again , she sends money to Mexico to provide for her parents and one of them is disabled , and then her brothers and sisters that are in Mexico also provide and help out with taking care of her dad .

Speaker 1 5:36

And so I can understand the frustration and wanting to kind of like , I guess , not necessarily run away , because it's not necessarily a bad thing . If you want to set that boundary , then set that boundary , because if you can't do it or don't want to do it , I mean that's you right . But for those that do or plan to provide for their parents , there's a few things that we have to look into and take the appropriate steps Because , at least for me , I get it the individualistic mentality here and the frustration of being the first gen here you are , that bridge between you know , your immigrant parents and the future generations here , and unfortunately that's the cards that I was dealt with and that's the burden that I uh have , uh , to bridge that gap . And so here is what I wanted to talk about and kind of discuss what kind of plan we can create to ensure that our parents are taken care of in the future , once they are old or retiring , and making sure they are good .

Speaker 1 6:59

So the first step in planning for your parents' retirement and aging is to understand where they are now , like what is their current financial situation . And I'm gonna be honest , this is kind of like a painful step because , um , once you actually start diving into it , you know , at least in my case , you kind of realize that , oh my god , like it gives you this financial anxiety and this fear , because you realize how unprepared your parents are for retirement and it really hits you like a ton of bricks because you realize again how much at risk your parents are and how much of the slack you're going to have to pick up financially or mentally , emotionally , like , um , again , most of the time they just worried about working and paying bills and kind of the here and now , and um , some of them did take a few steps , um , but again you have to figure out where they are now . Now this one's going to be rough again because a lot of our immigrant parents you know they did if they did save they put it in a bank and they just sent money to it and um , just had it in a savings account and didn't really have it in a CD when those were popular , which is just like where you could freeze your money and get a higher interest rate return or a high yield savings account . So they either didn't have a savings or saved little , or put their savings into a savings account in a bank , which isn't ideal because you're going to realize that they didn't save nowhere near enough from what they are going to need for retirement . But it is important to talk to them and have them change their money from their savings account , from a bank , to a high yield savings account because , um , they are losing money . They have lost money , um , like when I look at my parent , when I looked at my parents and I saw how much they they've been , you know , consistently saving , but unfortunately , a lot of that money , you know , lost value due to inflation . Because , um , right now , from the time that I'm recording this video , the national average for how much a bank pays you in interest is about 0.45 APY , whereas a high yield savings account can range from like 4% to a little over 5% APY , and right now the inflation is 3.3% . So you can see how , even now , if you have your money in a savings account in a bank , you're losing so much money in value due to inflation because you're getting very little , not even a percent , not even half a percent , in return from the bank .

Helping Parents Plan for Retirement

Speaker 1 10:15

So the first thing I would do is , if they do have a savings in a regular bank account , talk to them about moving it into a high yield savings account , which is an ordeal in itself because , like , even like with my parents , a lot of them , you know , get so , um , so anxious about doing anything with their money , so like I'm still working on trying to make my mom move her money , and so I'm going to have to do it when I go down in August because , trying to talk about it over the phone , I'm just going to have to go in there and do it for her Just because of that fear , that financial anxiety and that fear that they're going to lose money because they don't . You know they fear the unknown right . But that's the goal is to have them move that money into a high yield savings account so that way they don't continue to lose . You know the value due to inflation . I do have the one that I use linked down below . It is an affiliate link but I like it . I have no problems with it . It's easy to move my money , you know , back and forth and right now I'm getting like 5.21% . But you could always just Google and find one that you like . Also , a quick side note the steps that we're going to be covering do still apply to those that are undocumented Because , like , for example , the high yield savings account , you can use your ITIN and your ID from La Consular and use those to be able to open a high yield savings account . So don't let that your parents are undocumented stop you from helping them out and helping plan for their retirement .

Speaker 1 12:05

The next thing you want to look at is you know if they have a job where it's a big company and they had , like a 401k . Make sure you look into that because oftentimes they either didn't , you know , opt in or they did opt in , they're sending money to it . Make sure they're sending money to it and that it's actually allocated to a fund and that they are , you know , taking advantage of that 401k , and see where they are at and where they're contributing to , to and also ensure that if that company matches their contributions , which basically just means they match whatever you put into your investment , which is basically free money , and the company may match up to a certain percent or amount Make sure that your parents are taking full advantage of that Because , again , it's a great benefit , it's free money and it helps grow their investment . But , yeah , double check , audit that . Make sure that they opted in . Now , if they are not in a job or a company working for a company that doesn't have a 401k or an investment option , then you could always opt to help them start an IRA . You could do a traditional IRA or a Roth IRA and you could pick whatever brokerage , like Fidelity , vanguard , whichever one works for you .

Speaker 1 13:49

You do have to do a little bit research on that one to figure out which one you prefer , but the point is to get them started in investing in the stock market or investing in general . Now , I'm not going to get too much into investing in the stock market because that's not my area of expertise . All I do is make sure that I invest . I invest in index funds , so that way I don't have to really worry about it . It's just like an index fund is basically like a basket of several stocks , and so you don't have to really think about it . You send money , it gets distributed to your fund and you invest that way . Because if you want to do kind of like buying your individual stocks , it gets really complicated , it's too much work and you just it's easier to just , you know , invest broadly and diversify right With that .

Speaker 1 14:52

You do want to kind of figure out how much risk your parents are able to take , because if you happen across this episode or happen to like start , you know , figuring out and helping them plan for their retirement early on , when your parents are younger , they could afford to , uh , you know , take on a little bit more risk . But if they're getting closer to retirement , like my parents are , like within a few years of retirement , um , I gotta figure something out , something out where I can't have them risk so much of their money and take that huge loss right before they retire . Now , if you do want to learn more about stock investing and how that works , there are two books that are really good that I recommend , and one is , you know , wealth Warrior and the other one is Financially Lit , and both of these go pretty not too much in depth . It's good for the beginner to figure out how the stock market works and investing and stuff like that , so these two are good to help you get started .

Understanding Retirement Goals and Expenses

Speaker 1 16:02

The next thing you want to look at is their debt and their expenses . So what outstanding debts are they going to have or currently have , but , more importantly , what they're going to have when they retire , because this is going to help you understand how much they're going to need for when they retire , because if they have a mortgage , they bought a house later on in life and now they're still going to have a mortgage when they retire . You want to take that into account . Or , if it's going to be paid off by then , then you don't have to account for the mortgage . You just have to account for property taxes and just general mortgage . You just have to account for , like property taxes and just general , uh , the insurance and general maintenance of the home and um , other things like are they going to have a car payment ? Do they have medical expenses , other expenses that you don't know about or that they have ? You want to account for that . And don't forget again we are first gen , we come . Our culture again helps out family . So a lot of our parents send money to Mexico , so don't forget to account for that . My mom , I think she sends a few hundred dollars a month again to take care of her mom . So I am sure that when she retires , and if her parents are still alive right or still account for it , because she might choose to help her sisters or something , I have to account for that as well .

Speaker 1 17:37

So the next step , after you have figured out where they are now , is figuring out what the retirement goals are Like . What does their retirement look like ? And again , this is going to be quite difficult . When I had these conversations with my parents , it's kind of like pulling teeth , oh my God like trying to figure out what they want , what they're thinking or anything like that . It's kind of like they either don't want to talk about it because of their own financial anxiety or their own financial trauma , or sometimes they just don't want to worry . You like my parents , my dad , like trying to get him to talk about retirement . It's so painful because he's just like well , don't you know ? I don't want to worry , you Don't worry , I got it . Blah , blah , blah . It's like , no , tell me what your plan is or what you're thinking , so we could figure it out . And , um , cause I need to understand what your goals are . Like .

Speaker 1 18:43

Um , some of the things that you want to ask is like when do they plan to retire ? Um , because , again , just because they're eligible to retire at 65 , a lot of you know our parents want to keep working , and so , if that's the case , you want to take that into account too , that they're still going to be making an income you know a little bit and working and where they want to retire , because that's going to determine you know how much living expenses they're going to get . Because , like , if they're going to retire in California , it's freaking expensive over here . So , oh my God , I be like so expensive to have my parents retire over here . Um , but if they want to retire in Mexico , they're going to go back to their home country , depending where . In Mexico , that cost of living is going to be much lower , so I don't have to account for as much . And what kind of lifestyle do they plan to have in retirement ? So right now my parents travel and once they retire they're going to be going back and forth from Mexico and back and forth . So I have to plan for that . And are they planning to live in their current home or they plan to move somewhere else , back to their home country ?

Retirement Planning Considerations and Budgeting

Speaker 1 20:06

You know , all these things are things that you need to ask and figure out what their goals are , what they plan to do after they retire , so you can start creating a plan . So the next step is exploring their retirement benefits . Now , depending on the status of your parents , on how long they've worked and so on , and what they have is going to determine what they are eligible for . So if you know they're here um and are eligible for social security , you want to start looking into that and figuring out that um they apply at a certain time , the timeframes that they're keeping track of , how much they're going to , you know kind of estimate of what they're going to have . So that's going to help you uh , plan for additional income that they're bringing in . And a different um thing to consider is um , depending where your family's from ? Um , maybe they worked in their home country before they immigrated over here to the US and they may have enough time if their home country has a retirement kind of like similar like social security over here . So , for example , in Mexico they do have , you know , retirement pay and my dad actually ended up working enough time to be able to get some form of retirement . He doesn't know how much yet , um , but he's in the works of that . I think he's supposed to , in the next few months , be able to go back to Mexico , finish , finalize that paperwork and figure out how much he's going to get . So , um , don't forget to also , um , look into that option , if there , if your parents worked .

Speaker 1 22:03

Planning for the retirement also includes , uh , healthcare , uh , so what healthcare options are available or will be available for your parents when they retire , or currently ? Because you also want to plan for now , because the last thing you want to do is they have , you know , an emergency and now they have a medical bill that they have to pay for who knows how long , maybe past retirement Hopefully nothing like that happens , but you want to plan for that as well and look at what options , healthcare options they have I know there's Medicare and Medicaid , but you got to understand those and figure out the enrollment periods , what it covers . There is an option of a health savings account that can help with medical expenses , but you have to be enrolled in a high deductible plan and to be eligible for that . But you can look into that . I am going to provide a link to this article that I read and it goes into detail about it so you could kind of get a better understanding and see if that's an option for your parents . But again , you know , double check . If their home country is an option , like for mine , mexico's right here it's easy to just fly back and forth , which is what actually my parents are currently doing . They , you know , plan their trips to Mexico to visit family and all that stuff , uh , with their medical appointments . So right now they've pretty much uh got done with their annual appointments and I think my dad has like one left um to it's just a follow-up and just pick up some prescriptions , and so that may be an option too , because medical care is so much cheaper in Mexico and same with the prescriptions and medic medication .

Speaker 1 24:05

You also want to look at life insurance , um , do your parents have a life insurance plan . There's , um , quite a few options and , again , I'm not too familiar with that , so you have to kind of do your own research and figure out which one is beneficial to your parents and , you know , to yourself as well . Um , but you want to plan for , uh , to get some type of insurance or plan for the expenses , uh , in case that you know , of their death . You know it's a little bit of a morbid subject , nobody really likes to talk about it , but , um , you do want to have a plan for that because funeral expenses are so expensive . And again , like , what are the plans of your parents ? Because , you know , sometimes they want to be buried in their home country and you have to account for that . You know so all this . You want to understand what , what goes into all of that and plan for it .

Speaker 1 25:13

All right , so now that you have assessed their current financial situation , income , any investment accounts and what their plans for retirement are and what they're eligible for , it's time to actually start creating a budget for their retirement . It is pretty similar to , you know , creating your own budget because you've got to account for , like housing and variable expenses , like food bills and stuff like that , but you want to get really in depth with the housing because , again , they're going to be retired . So where are they going to live ? Like , how much is it going to cost ? Are they going to live with you ? Are they living by themselves ? Um , do they have their own home that still has a mortgage , or do they own that home outright ? Are they currently renting or plan to rent ? And , like you know how the the goal is really to figure out how much housing expense to expect

Financial and Emotional Retirement Planning

Speaker 1 26:16

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Speaker 1 26:16

You also want to figure out how , like you can reduce these costs and explore what options are there . So , um , one thing to consider is if they do own their own home or they have their home , one thing is that once they retire , they will be eligible for lower taxes . They get some benefits . You get the homesteading tax benefit and then , once you retire , you get a reduced tax benefit . So make sure you talk to a CPA about that . I'm not an expert in taxes , I just know that those two things will be available .

Speaker 1 26:58

And then , of course , the variable expenses try to account as much as possible . You know when they retire there's less things that they pay , but you still want to , like , check how much know electric water and all that stuff is , you know , create a budget for that . And if they travel , um , that's one thing as well . They're going to be going back and forth traveling , seeing the world account for that . But the idea is just creating a budget and figuring out what they can afford and what to expect . In this budget you also want to include , of course again , we talked about health insurance and all that so include , you know , the payments for that , for coverage , but also include in case your parents may need , like long-term care , so like if you need a hire , a helper or something , someone to help you if they get disabled or something . So take that into account and also plan for that . Another thing to consider is the legal and estate planning . If your parents have something like a house or anything that they want to leave behind their wills , a trust , living wills , which is , or power attorneys to , you know that has like a breakdown of what they would want in case of like , I don't know they're in a coma or whatever , if they don't want to be resuscitated or whatever . So , um , make sure that's also part of the retirement plan .

Speaker 1 28:43

Um , that's one thing that's kind of overlooked , and also any , you know , have those conversations . It's difficult Again , it's kind of like morbid of of talking about these things Like what if something happens to them ? What do you want to do ? Like , I've had this conversation , we're not done having this conversation , but , um , you know , talking about funeral arrangements as well . Do they want to get buried here or in like Mexico ? Do they want to get cremated ? Do they want to get buried here or in like Mexico ? Do they want to get cremated ? Do they want to get buried ? Don't forget other expenses on top of the , you know , funeral home and casket and all that stuff . Um , because sometimes , like , for example , my mom , she's Catholic and she's , you know , would want a church thing , um , so I have to account for the that fee as well . And , um , luckily , she's already kind of like thinking about that stuff . She's even talking about like buying her own plot , but uh , she doesn't know where she wants to be buried . So , um , still ip in the air .

Speaker 1 29:49

Another thing that's kind of overlooked sometimes is the emotional support for your parents . So retirement , you know , sounds like all fun and dandy and stuff like that , but sometimes it can cause like mental and emotional distress because they stopped working , they start realizing that they're aging . I mean , like nobody uh is looking forward to growing old and stuff and aging and not being able to do stuff , and so , you know , take into account um finding things for them to do so , like maybe uh enrolling them in some type of club like you know , I don't know those clubs for elderly uh , maybe some type of activities like bingo or something like that . Um figuring out something uh to help them continue , because you got to give them uh something to do , otherwise they deteriorate , their mental health deteriorates and you know um , you know they pass faster . It's you have to give them something to live for , right ? So those are basically um the big major steps to help you um plan , and I'm going to share like kind of what I am doing to give you an idea of how these steps you know can help you plan for your parents' retirement . So I've assessed pretty much where they are now . Again , I have a few more talks that I have to have with them because it's again it's kind of like pulling teeth Um , but I know they own their home outright and you know my mom has some savings , even though it was in a , you know , basic bank account , and again I'm working on helping her move that money to a high yield savings account so it doesn't continue to lose value due to inflation .

Speaker 1 31:55

To lose value due to inflation Um , my dad owns , uh , a small business , a mechanic shop , and um , he's probably he's thinking of selling that . So he's going to sell it and he thinks he can get about 40 to 60 K um because of all the tools and stuff that he has um and the location that he has . So , uh , something right , it's not obviously not enough for retirement , but something's better than nothing . So I'm going to figure out how to work with that . My mom does send money to Mexico , as I mentioned earlier , so probably , like I don't know , only like 200 , $400 a month , and I'm not sure if she's going to maintain that , but I'm assuming she's going to do want to still send like 200 or $300 a month .

Speaker 1 32:40

Now they don't have any debt at the moment . Uh , again , their house is paid off , they don't have any car payments and they don't have any other debts . Um , I guess that's one good thing about them having the mentality of , you know , paying everything with cash and everything's minus the house , obviously , but they just didn't acquire debt . So right now they're debt free , they own their home and really they're just paying for , you know , their bills and just food expenses . Right Now . They do travel to Mexico several times a year , especially right now that my dad's getting all his paperwork done and medical stuff done as he prepares for retirement , but they're probably going to go every other month , um , expecting uh . But because we'll be closer to the border , they're just probably going to just take the bus every single time , which is much cheaper . So that's probably like a hundred bucks each time for each one of them to go from to and back , so , um , not too much to compare to a flight there . So , uh , have to account for that .

Speaker 1 33:57

Now , as far as where they're going to live , if you have followed me , um , I have bought some uh land and my parents bought some land with my sister , but um , the main owners of that land and so where our lots are right next to each other . So we're going to do kind of like a family compound type deal , and so what my parents are going to do is they're going to do a cash out refinance on their home , basically just putting the mortgage back on it , and use that money . They're going to pull that equity out and use that money to build on the land . And so what's going to happen is then they're going to rent that house out , which you know I estimate I looked it up it's going to be about $2,100 a month that they can rent it out . The house is worth about $220 , probably $240 . And they have a lot of equity on . Well , they owe nothing on the house , so they own all that and so they'll probably get up to like maybe they'll probably pull 70% of that out to build the new property , their new house . And you know , with current interest rates and property tax and stuff like that , it's gonna estimate that it's gonna be maybe 1800 for for the mortgage and taxes and all that stuff . And assuming that , um , we pay property manager , we probably won't cause I might be able to , uh , do it by then , um , but after all those expenses they'll probably still have like about $400 left over each month . So that's a little bit of income coming in as well . And now their new house is going to be getting paid for by the rent from the old house , right ? So that's the plan that they have right now . And then for income as far for living expenses , I put myself in budgeting about $500 . One because I owe my mom some money for a loan that she gave me for like Sophia and to help me out to have her , and then also going to just assume that I'm going to give around that for odd babysitting or whatever , taking care of Sophia here and there for whatever reason . Uh , so I'm gonna estimate around that much and then again my dad's gonna get social security and retirement from Mexico . My mom will still have some time for hers . I think she has another four or five years before she's eligible for retirement , but then eventually she'll get retirement pay as well .

Speaker 1 36:57

Another thing that I am looking at doing is purchasing a business that's already up and running , which you know . I could do a separate video on that , on how I'm planning and why and the benefits of that . But I'm thinking of purchasing an already established business that's already generating income and stuff like that , and then that way , you know one , I could work for the business and also hire my parents out for , you know , whatever they're able to do for that business . So when I go look for a business , I have to keep that into account as well . Um , so that way they have something to do , uh , have the ability to bring in some income for themselves , um , but also I do still plan to uh , well , uh , accelerate more my real estate investing and I plan to like buy properties that need some rehab , repairs , whatever updates , and you know my dad and mom can help me with that cleaning .

Speaker 1 37:57

My dad could help with putting floors and all that stuff , cause he knows how to do that , and you know that's more , uh , another way to help them , you know , make money as well and keep them active and give them something to do , right , and so that's uh , an option that , if you're able to do that , that may be an option for you . And then , on top of that , if that's not the case , then my dad's probably going to . He's thinking about doing side mechanic jobs , like a mobile mechanic , or maybe like finding a shop that might help him come in like part-time , cause he doesn't want to do it full time anymore . Right , he wants , but he still wants to do something and he still likes doing , you know , mechanic work , uh , so that's one thing he's looking at .

Balancing Intergenerational Financial Planning

Speaker 1 38:45

And , of course , as far as like food and stuff like that , um , we're going to homestead , so we're going to be growing our own food . So that will help as well , because it's going to be majority me and my sister that are going to be responsible for that . I'm sure my mom will be wanting to like help tend the garden and the chickens and all the animals that I end up having , and so there'll be food that you know . Hopefully it will lower our food costs , and so those are some of the things that I am thinking as far as housing and living expenses .

Speaker 1 39:20

As far as the medical , I already mentioned before , mexico is going to play a big factor in doing our annual checkups and prescriptions , um , but for emergencies , like I said , I need to figure something out because , um , if they , you know , um have to go to the ER for some reason , uh , I need to be able to cover that Cause , you know , one ER visit can set you back and I definitely want to prevent that . And as far as life insurance , I think my dad mentioned that he has something . So that's gonna be a conversation when I go down to visit them in August , and so I'm gonna look at the paper and see what it is that he's talking about , because he says he has something . So we'll see . And then again , as far as variable expenses . We're going to be growing our own food again , and it's going to be primarily myself and my sister's responsibility , and so , really , water and electric are going to be on top of the mortgage , right , it's going to be the main expenses for them . So sounds like a lot , and it has been .

Speaker 1 40:37

It was a process . It definitely kept me up at night when I had to , like , think about these things . But now that I have gone through most of this process and kind of figured out a lot of these things , I am feeling , uh , more confident and feeling more at ease . My anxiety is settling down , and so I know , as first gen , you know it's a struggle of balancing that cultural expectation with our own personal goals Because , again , like I said earlier , it's you know , we're still trying to figure out our own financial shit plan for the finances of our future generations , if you choose to have children , but then we're being responsible for that financial support and wellbeing of our parents is , you know , it's tough , it's rough , and you know I don't blame those that decide not to be responsible for that , but for me , um , I just can't leave my parents high and dry .

Speaker 1 41:43

They did so much for me , and so now it's my job to , you know , bridge that gap between the two generations . Unfortunately , I'm the generation in the middle , but , you know , I'm setting up my daughter for success and my stepson for success and a future kid if I decide to have another one for success but also prepping myself to support my parents , and so , um , it's possible to do both . It's just , you know , a lot of work , a lot of planning and a lot of research , um , but don't be , you know , afraid or feel guilty if it's something that's not doable for you , cause sometimes it's just not . Like , again , we're still trying to figure all this stuff out and you know , if I was not as financially stable like , I probably wouldn't be able to , like , do these things for my parents . And it's no need to feel guilty about it If you can't do it , you just can't . But this is one of the ways that I was able to plan for my parents and hopefully it helps you out if it's something that you want to do . But , yeah , hopefully this helps and helps you put your mind at ease and gives you some type of plan and action plan , a roadmap to roadmap to figure out how you're going to support your parents for their retirement and them just aging .

Speaker 1 43:17

Other than that , I will see you in the next episode . Bye . Thank you so much for listening . Don't forget to like and rate this podcast . It helps the podcast grow so that way we can reach more of our community . Don't forget to follow all our socials that are linked below , along with any resources or links or anything that we talked about in this episode . Hasta la proxima , bye .