One thought, which creates more work for you, is turning the card (debit and credit cards both offer this quite often) off then turning it on when he needs to use it. That is obviously work for you, every time he needs to use it.
Also a cash app like account can have a debit card and then you can back loss anything versus the account balance. You can also have it auto fund a certain amount of money every x days.
Just trying to spitball a bit.
Yeah. I think its probably some combination of
Moving all his recurring overseas payments (charities etc) to recurring bank transfer instead of card.
Switching off international transactions on his card.
Switching it on and off again when he needs it.
Not a health issue, but has anyone dealt with aging parents with financial issues?
My gf and I helped her mom break down her finances over the weekend and had to break the news to her that she can’t retire any time soon. She is apparently completely financially illiterate and has probably been getting taken advantage of for years. I fear this is going to become our burden at some point.
It will, unfortunately, and it wont just be you.
Boomers have had everything handed to them on a platter since they can remember. The American dream of a house at 22 in the suburbs they can live in on a single salary is long gone and in their mind that still fucking exists somewhere and we are all stupid and lazy for renting into our mid thirties even though we make twice their highest salary and have two incomes. That same mindset has led to them not planning a single iota for the future and we are going to eat it and fucking smile about it.
And no im not bitter
I send my mother between $200-$800 a month to keep her solvent.
She still works but is breakeven at best doing it so I’ll be supporting her in some manner forever.
Congratulations on your new housemate!
I do the same with my Dad - $600/month so he can stay retired.
At least my dad is doing okay financially, but has managed it pretty sub optimally.
He was really happy in that it took an annuity for his pension. He seems to be doing okay and might come out ahead if he lives for a few more years.
Well fuck. Apparently this is pretty common.
Suck it Gen X and Millennials!
My parents did well. My father-in law seems in good shape. My mother-in-law needs help. I think we just picked up the utility bill on her house. Also she has a daughter with currently controlled schizophrenia that lives with her, but when the time comes she may not be able to live independently.
Ugh
Not very surprising but also not very encouraging
1 in 3 doesn’t seem that high. I don’t know the stats, but my parents’ generation helping my grandparents’ generation seemed pretty much expected and that was still in the time of retirements and social security. Boomers are probably like peak retirement/easy home ownership when they were young followed by huge run of real estate appreciation. It’s gonna be like 8/10 millenials who will need help from their kids when they get old.
You’re assuming Gen Z/Alpha is even gonna be well enough off to provide any help. With these generations you may seriously just see the return of kids sticking around indefinitely and starting multi-generational households so that everybody can live cheaper.
Multi-generational households seem more efficient to me. Why is that a bad thing?
I can see this happening as well, which isnt the worst outcome in the world, except for our infrsstructure not being set up for it like we see in Europe, where duplexes, triplexes, quadplexes are far more common than here in the states. Single family homes are not great for multigenerational living. More focus on affordable duplexes can lead to multigenerational living with a focus on sharing costs while still giving each generation their own living space. Grandma and grandpa living in an attached unit would make for easy childcare options and cost splitting without living directly on top of each other.
It isnt, but the american dream lie we’ve been told is so singularly focused on single family households that multigenerational living is fought hard against by housing lobbies.
Is it really much cheaper having two generations living in a two-family home vs. each family having an appropriately sized home?
Exactly, I’m not making any value judgment about it, but few would disagree that it’s a regression in the standard of living for the middle class if it becomes the norm (although it could just prove that the boomer and GenX generations were an outlier).
Its a fair question I don’t know the answer to. I have a feeling based on prices for townhomes v single family homes that duplexes would run quite a bit cheaper on a per unit basis than single family homes.
In case you missed it, pricing on single family homes is turbofucked nearly nationwide due to investing and landlordism. Its another thing that has to be kneecapped if we are going to avoid multigenerational single family homes. This may or may not be a positive thing, I would have to look at a lot more research than I have to verify. I have a feeling that early adults growing a family probably need a space of their own on average, but I could be wrong.
Seems like it could be quite a bit more cost-effective in one larger home. One property tax bill, one cable bill, one bug service and security system bill, etc. I think we’re going to have to look for creative and cost effective solutions to deal with an exploding elderly population, and this seems like a good idea.