Real Answers for Life’s Money Challenges

My father is a hard-working man.

Hes labored his whole 63-year life.

He never saved any money for retirement.

An older construction worker stands in a dimly lit area.

If he cashes out Social Security now, hell still have to work to make ends meet.

He has no health insurance and hasnt been to a doctor in years.

So he muscles through so much pain.

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He recently lost a job because technology surpassed his skills.

His wife and her mother live with him.

His wife is disabled, and his mother-in-law has dementia.

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Hes never asked me for help before, but after the recent job loss, he did.

And I helped him.

How could I not?

Im the only one he has to lean on.

Its hard to see him in so much pain, so financially strapped, so disposable to society.

Im worried this might keep happening.

As he ages, so does technology, and it will continue to surpass him.

Then, the burden will rest on me.

Im planning my future, saving for retirement and hoping to have a family soon.

When do I say no?

When do I say yes?

How do I help him?

Should I help him?

Can I deny the man who gave me life and has worked so hard to survive?

Parents dont want to talk to their grown children about worst-case scenarios.

Asking for help is hard for the people who are so used to providing for others.

Its time to have a long talk about money.

Our team has compiled alist of creative waysyou can fatten your bank account this week.

This is a long list, so dont get overwhelmed.

Well keep it updated as offers changes or expire.

Call your dad and find a time to talk or meet when you wont be bothered by others.

Maybe plan for sandwiches.

Tell him upfront that you want to talk about money and preparing for his future.

Being upfront tells him youre facing the problem head on, and that he should, too.

If you spring it on him mid-sandwich, hes going to feel blindsided.

But this isnt a lecture.

Think of it as a fact-finding mission.

Then ask lots of questions.

Does he have any money in savings?

Is there any money he set aside for you or your siblings a long time ago?

Does he owe any debt?

What are his normal bills each month?

Does hehave a will?

What aboutlife insurancefor him, his wife or his mother-in-law?

What stresses him out when he thinks about money?

What does he worry about when he looks for work?

Did you know?

In the meantime, his modest income may mean hes eligible forMedicaid.

Securing health insurance can take a huge burden off your familys aching shoulders.

Sit down and use the calculator with him, since you said hes not tech-savvy.

Find out where your localArea Agency on Agingis based, and what services it offers.

This organization can connect your family to resources for insurance and health issues, transportation and other nearby services.

Its also a reliable source of information to help your dad avoid financial scams that target seniors.

You dont need to concoct a grand plan to keep your fathers finances right away.

Disclaimer: Chosen questions and featured answers will appear in The Penny Hoarders Dear Penny column.

I wont be able to answer every single letter (I can only key in so fast!).

We reserve the right to edit and publish your questions.

Dont worry your identity will remain anonymous.

I do, however, promise to give you honest advice based on my own insights and real-life experiences.

Lisa Rowan is a senior writer at The Penny Hoarder.

(Can you sense my millennial sarcasm there?)

You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…