DEAR ABBY: My parents just informed me that they have not been practical about their finances. I suspected it based on the ratio of their salaries to their purchases, but it was confirmed during a conversation in which they said they have saved nothing for retirement. More disappointing, they both had advantages that would have set them financially for life had they been smart with their money.
On the other hand, I save religiously, and I'm on my way to building the retirement I want for me and my wife. I feel bad for my parents, but I can't help worrying that everything I am working for is being threatened by their poor choices and unwillingness to change how they deal with money.
When I expressed concern that I would have to support them financially at some point because of this, I was made to feel selfish because of all the sacrifices they made for me over the years. Who is wrong here? -- "BAD SON" IN BALTIMORE
DEAR SON: Your parents are, for having blown the money they should have been saving and for trying to guilt you into supporting them. (By the way, they're not alone. Many Americans in their 50s and 60s have only now awakened to the fact that they won't have enough -- or any -- money to supplement their Social Security.)
The sacrifices parents make are supposed to be done out of love, not to indenture their children. If there is still time for them to sock away some savings for when they will no longer be working, I suggest they start now. (Suze Orman says that whether you're in your 30s, 40s or 50s, it's never too late to start saving for your financial future.) As a good son, ask if they would like your help in investing it.