<prompt> Human: QuestionWhat can I do to prepare for my aging parents retirement? Am I in a good position to support them through retirement or is there anything else I should do? BackgroundMy parents are age 56 and 58. They run their own sewing business. Before business was slow, I think they made about 40k annually according to their tax records. However, they dont have any retirement money saved. Theyre looking towards their children to support them in retirement. Fortunately, they have a paid off home in Los Angeles where all our family is at.I feel obligated to support them financially but Im worried about them retiring this early because that would mean I have to support them financially for the next 30 or so years. I went to a cheap school, paid off my debts, have my work pay for my masters, and saved constantly. My luck has positioned me with the responsibility to support my parents retirement because my siblings are in debt.I have dreams and aspirations too and want to move out from my parents home. I would like to travel and fund my hobbies. I just dont know how much I need since my own retirement is so far.Im a slightly distressed about money mainly because I dont know how much my parents will need throughout their retirement 20k annual? based on property tax, car insurance, phone, electricity, water, etc Im worried about future medical costs. Is there anything I need to know about health insurance or prepare for future medical problems my parents might have? I dont know how much I need for my own retirement since its pretty far away.My parents financial situation is Age 56 and 58 No retirement savings 40k annual savings No debt or mortgageIm 25 and have two siblings. My financial situation is as follows 110k in 401k 25k in roth 82k in brokerage 15k in savings 91,000 annual income No debt, singleMy 28 year old sibling financial situation is as follows 200,000 in debt 120,000 annual income Recently married and thinking about starting a family and getting a single family home in the near future.My 22 year old sibling financial situation is as follows 21,000 in debt might go to 60,000 since she is pursing more schooling 15,000 annual income part-time work Wont get a full-time job in perhaps 3 years from nowEDIT: There are some comments suggesting that my parents should still work because itll be a huge burden if they retire now. Although theyre physically able to continue working, I think it may come off as a bit disrespectful to talk to my parents about that. How does one go about suggesting that to their parents effectively?  <response>: 40k annually according to their tax records. For California at 11 an hour, thats less than minimum wage. They really need to figure something else out. . However, they dont have any retirement money saved. Itd be financial suicide for them to try and retire anytime soon. Itll destroy you as well if you try and prop them up. 