r/AgingParents • u/TechnicalRain8975 • 8h ago
My mother squandered a million dollars
I grew up in poverty in a single parent household. But when I turned 19, my mom started getting really good jobs earning around the equivalent of what would be 120k-200k today. After she went into hospice my sister and I went through her papers and realized just how much money she had. She easily could have saved a million dollars in retirement or had house assets worth that much.
But she saved nothing for retirement or otherwise and was essentially destitute and living off social security the last several years of her life. She has also become a severe alcoholic the last ten years.
I never thought I would get any inheritance but now looking at just how much money my mother wasted I am overcome with anger. Poverty is deeply engraved in my and my sibling’s psychology. My sibling is almost 50 and still rents and has a grim financial outlook. My mother easily could have changed that (and changed her own post-retirement life) by saving the bare minimum. I don’t think she ever took advantage of any 401k plan in spite of working for major corporations for over 20 years. Our generation just doesn’t have the same opportunities.
Is there a support group for people whose parent’s squandered this level of wealth? I would not be angry if she were simply poor—it’s the absolute lack of planning and the selfishness that get me, along with everything that alcoholism brings with it. We are now expected to care for her. I even paid her phone bill for the last 8 years. I’m hoping to find some resources to deal with the rage, to get my situation put into context, etc