Jill on Money with Jill Schlesinger Financially Supporting a Parent
6 snips
Mar 5, 2026 Kristen, a listener supporting her 65-year-old mother after she sold her home, seeks clarity on retirement and cashflow. They discuss juggling two mortgages, side-business income, liquidity needs, and whether mom should tap her retirement. Short, practical conversations about balancing parental costs with preserving the couple's future savings.
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Bought A Separate House For Mom
- Kristen bought a second house for her 65-year-old mother so she could live independently a mile away.
- The new house cost $415,000 with a $332,000 mortgage at 6% while their primary home has $430,000 left at 2.875%.
Keep Retirement Contributions As Priority
- Do keep maxing out 401(k)s and continue backdoor Roth conversions even while supporting a parent.
- Jill and Mark stress maintaining retirement contributions as top priority to hit long-term goals while managing short-term family costs.
Use Parent's Retirement To Cover Current Shortfall
- Do have Kristen's mother start withdrawing from her retirement accounts to cover the current $2,000 monthly shortfall.
- Jill recommends monthly distributions now while Mom is in a low tax bracket to preserve the couple's cashflow and retirement contributions.