If your parents wind up needing you to bail them out, what do you do?
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00:00Sure, you've been saving up for retirement just like everyone told you, but if your parents
00:08wind up needing you to bail them out, what do you do?
00:11Well, first off, remember what they always tell you about an airplane emergency?
00:15Put your own life mask on first before trying to help others?
00:19And if you're partnered, that includes talking to them before doing anything to make sure
00:23you're willing to provide, as NerdWallet points out.
00:26If you have siblings, talk to them too.
00:28There may be less strain if you're working it out together, if you can help your parents
00:32without putting your own finances in jeopardy.
00:34Cameron Huddleston, who literally wrote the book on this topic, tells MarketWatch you
00:38should reach out gently.
00:40That way, you avoid making them think you're criticizing or passing judgment on them.
00:45If you've noticed signs that your parents may not be financially stable, open up a dialogue.
00:50You may be able to walk them through a budget that they can afford.
00:53And set them up with a financial planner or a credit counselor, or contact your local
00:57area agency on aging to see if they're eligible for Medicaid or other resources.