How to balance helping your parents retire and saving for your own future

Whether your parents are approaching retirement, you may be wondering what their plan is for living off of their savings — or if they really have any assets at all.

According to an AARP survey from 2020, about one-third of adults with at least one living parent help them financially.

Furthermore, more than 40% of those polled said they plan to help their parents in the future.

It's also very usual for adult children from immigrant families to financially support their parents in retirement.

It's difficult enough to save and invest for your own future, especially with the rising cost of living, student loan debt, and the cost of raising a family.

And juggling all of that while still assisting your parents with their retirement can feel like you're caught between a rock and a hard place.

So Select reached out to Delyanne Barros, the founder of Delyanne The Money Coach, for advice on how to achieve a healthy balance between the two.

Barros has amassed a net worth of $1.05 million as of this writing, and is planning to retire early and retire her mother.