I would like advice on a problem I see coming in my future. I’m concerned about breaching the 5th commandment.
My dad wants my help to pay for his and his wife’s retirement. I am a young CPA and I make fair money but I was hoping to provide for my wife in a way she can work far less or not at all and raise the children we plan on having soon. Furthermore, I would need to save for myself and my wife’s retirement so that we don’t become a burden to our own children when it comes time for us to retire.
I don’t see this becoming an issue until about 10 years from now, so I don’t know what position we’ll be in financially by then. I won’t let my dad become destitute but I don’t think he should rely on me to be a significant contributor to his retirement. He has not lived a fiscally sound life. He’s been a loving and supportive father and raised me as faithful as he could. He is a good man at heart so I don’t have anything against him I am just uncertain on where my responsibility is in this situation.
I try to give him financial advice as best I can but I can’t make him save more or live more appropriately to be in a better position by the time he’s too old to work. I anticipate his wife will have significant medical complications with age, and I believe they are both significantly underfunded. I am not sure I would be able to contribute enough without putting severe financial burden on my own household.
Am I shirking my duty to honor my parents and breaching the 5th commandment in this regard?
Thank you for your time. God bless you and Woe.