My parents are both in their mid-60s and have recently retired. I am worried about their lack of financial planning for their old age. Since retiring, they have spoken openly about “blowing all their savings” before they get too old. They are taking round-the-world holidays and are always shopping for new things. When their savings have run out, they will live (relatively comfortably) on their monthly pensions. While I agree that they should benefit from their savings while they are still in good health, I am worried about what will happen if they need carers or assistance in the future as they age. Both my brother and I (and spouses) work, and while we have reasonable incomes I can’t see how we would manage to pay for care they may need. I know some people will think all I am worried about is inheritance, but I feel that my parents will expect us to pay because they have spent all their savings. Am I being selfish or are my parents being irresponsible?
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