--- title: My Mom Has $0 Saved for Retirement. Will I Be Responsible for Her Bills? description: A 23-year-old earning $94,000 posts on Reddit that she's discovered her mother lacks a retirement plan. We ask an expert to weigh in. authors: - name: Pete Grieve role: Lead News Reporter url: https://money.com/author/pete-grieve/ bio: Pete Grieve is a personal finance reporter. In his time at Money, Pete has covered everything from car buying to credit cards to the housing market. education: University of Chicago, BA Political Science at_money_since: 2022 articles: 600 covers: - Retirement - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Shopping - Taxes social: - https://twitter.com/pete_grieve - https://linkedin.com/in/pete-grieve-b5aa02138 - https://www.facebook.com/petegrieve4 published: '2026-05-22T23:17:24.000Z' modified: '2026-05-23T01:00:13.000Z' section: Retirement word_count: 552 canonical: https://money.com/mom-58-no-retirement-savings-401k-help/ type: Article source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Sad elderly woman sitting on bed in bedroom at home](https://img.money.com/2026/01/Explainer-Mom-401k-58.jpg) The dilemma: A 23-year-old earning $94,000 discovers her mother lacks a retirement plan. "My mom does not have any retirement savings at 58 years old," a software engineer shared recently in a [post](https://www.reddit.com/r/personalfinance/comments/1qbuzzy/parent_with_no_retirement_savings_at_58_years_old/) to the subreddit r/PersonalFinance. "I asked my mom if she has a 401(k), and she didn't know what a 401(k) was." The daughter appears to be off to a strong start in her career, mentioning that she's already saving for her future. But as her mother ages, she is reckoning with how her mom will pay for living expenses in retirement. "What should I do?" she asks. "I love my mom and I want to support her, but retirement is unbelievably expensive, and if her health declines to where she can't work, I will be solely responsible for all her bills." Her mother is divorced and earns $28,000 per year, which covers basic expenses — groceries, property taxes, insurance and loan payments. However, that leaves little room for savings. How can this user help her mother prepare for retirement? ## Expert advice: It's 'not as dire as she thinks it is' We spoke with Tyler End, a certified financial planner and co-founder of Retirable, who says he's seen this type of situation before. By the age of 58, someone considered "on track" for retirement would typically have several hundred thousand dollars saved. In fact, the median net worth for her age group is over $350,000, according to Federal Reserve survey data. The good news: Even without retirement savings, he says, people often have more resources than they realize. [Social Security](https://money.com/social-security-check-this-month/), Medicare and Medicaid can provide a cushion, helping ensure that an aging parent's poor finances do not derail their children's future. "It's never too late to start making better financial decisions, which is certainly what this woman can help her mother with," End says. "First and foremost: it's probably not as dire as she thinks it is." Despite the mother not knowing what a 401(k) is, it's possible that at some point in her career she set money aside through a workplace plan or a pension. (Employers often have auto-enrollment policies thanks to [recent federal policy changes](https://money.com/retirement-saving-changes-secure-act/).) To search for [forgotten retirement accounts](https://money.com/lost-retirement-savings-database/), she can contact her former employers or search online databases. Another key step is to look at her estimated [Social Security benefits](https://www.ssa.gov/OACT/quickcalc/). If the mother can work later into her 60s before claiming benefits, Social Security could replace a significant share of her pre-retirement income, End says. That's because Social Security payments increase the longer a person waits to claim them. With her late start to saving, frugal living will likely be required. Fortunately, her living expenses are on the lower side with a paid-off home, and they may drop further in retirement due to lower taxes and access to federal health insurance programs. Downsizing to a more affordable house or a retirement living community can free up money. A few simple budgeting adjustments could help her [establish an emergency fund](https://money.com/what-is-an-emergency-fund/). But the bottom line is for the two to take this as a moment to plan, not to panic. "We don't have the best social infrastructure for seniors and finances, but we're not bereft of benefits between Social Security, retirement communities and Medicare," End says. "It won't be as bad as it seems for this woman." ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/mom-58-no-retirement-savings-401k-help/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Retirement", "item": "https://money.com/retirement/" }, { "@type": "ListItem", "position": 3, "name": "My Mom Has $0 Saved for Retirement. Will I Be Responsible for Her Bills?" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/mom-58-no-retirement-savings-401k-help/#webpage", "url": "https://money.com/mom-58-no-retirement-savings-401k-help/", "name": "My Mom Has $0 Saved for Retirement. Will I Be Responsible for Her Bills?", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2026-05-22T23:17:24.000Z", "mainEntity": { "@id": "https://money.com/mom-58-no-retirement-savings-401k-help/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/mom-58-no-retirement-savings-401k-help/#breadcrumb" }, "dateModified": "2026-05-23T01:00:13.000Z" }, { "@type": "Article", "headline": "My Mom Has $0 Saved for Retirement. Will I Be Responsible for Her Bills?", "articleSection": "Retirement", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2026/01/Explainer-Mom-401k-58.jpg", "width": 2121, "height": 1414, "caption": "Explainer-Mom-401k-58" } ], "author": [ { "@type": "Person", "name": "Pete Grieve", "url": "https://money.com/author/pete-grieve/", "@id": "https://money.com/author/pete-grieve/#author", "description": "Pete Grieve is a personal finance reporter. In his time at Money, Pete has covered everything from car buying to credit cards to the housing market.", "image": "https://img.money.com/2023/02/peter.png?w=350&h=430&crop=1", "email": "peter.grieve@money.com", "jobTitle": "Lead News Reporter", "alumniOf": "University of Chicago, BA Political Science", "sameAs": [ "https://twitter.com/pete_grieve", "https://linkedin.com/in/pete-grieve-b5aa02138", "https://www.facebook.com/petegrieve4" ], "worksFor": { "@id": "https://money.com/#organization" } } ], "publisher": "https://money.com/#organization", "datePublished": "2026-05-22T23:17:24.000Z", "description": "A 23-year-old earning $94,000 posts on Reddit that she's discovered her mother lacks a retirement plan. We ask an expert to weigh in.", "abstract": "A 23-year-old earning $94,000 posts on Reddit that she's discovered her mother lacks a retirement plan. We ask an expert to weigh in.", "@id": "https://money.com/mom-58-no-retirement-savings-401k-help/", "inLanguage": "en-US", "dateModified": "2026-05-23T01:00:13.000Z", "wordCount": 552, "about": [ { "@type": "Thing", "name": "Retirement", "sameAs": [ "https://en.wikipedia.org/wiki/Retirement" ] } ] } ] } ```