How can we help our 70-year-old parents retire when they have no savings?

Darby said:
Are they collecting CPP, OAS, or any other government benefits for seniors?

It’s important to help them get their CPP and OAS sorted out. There are also other benefits for low-income seniors they might qualify for.

Before giving them anything, make sure they show you their complete financial situation—bank statements, bills, everything. Without that, you can’t make an informed decision.

And moving provinces won’t fix their problems. They should be looking for more affordable housing, like maybe a place with a basement suite.

@Peyton
We’ve already discussed moving them into my sister-in-law’s basement since it was recently renovated, but MIL says FIL is too ‘independent’ for that. :face_with_raised_eyebrow:

But yeah, we’re not giving them any help unless we see all their financial info.

@Marlo
If they move in, your sister-in-law might end up being their caregiver, which could be a huge burden.

@Marlo
FIL might be ‘independent,’ but he sure has no problem asking for financial help.

Any money you give them will basically be a gift you’ll never see again. Decide what you’re willing to part with and stick to that. Every dollar you give is one less for your own future.

I had a similar experience with my parents. They were financially irresponsible, and I ended up cutting ties to protect myself. I helped them with mortgage payments for years, only for them to squander any equity that built up. One day, I packed my things and left, and I’ve never looked back.