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this post was submitted on 23 Nov 2024
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How old are your parents? The general rule of thumb is that you need to save 8- or 10-12x your annual income for retirement. If they are anywhere near retirement age they honestly probably couldn’t afford to pay for your college. We don’t know the details of how they blew through that money (they may have moved it to another broker) but even if they still have 600K that could be their entire retirement savings. You can go through that quickly with a major health issue. If you look on the bright side it’s nice that you can always stay with them when you fall on hard times…
Yeah I was thinking the same thing but didn’t want to start some sort of money struggle session. Working for 3 fucking decades and building up a savings of 128k is not rich by any means. It’s not enough to retire. I wouldn’t expect my parents to drain their retirement to cover my student loans.
Granted, they might have 401k savings as well, but I kind of doubt it. It wouldn’t make sense not to max out 401k first.