I'm not quite there yet with my parents, but I'm not far off. Dad is 70 and Mom is 68. They live off social security. Never saved a penny for retirement. Made every terrible financial decision one can make. Dad essentially retired (refused to work is more like it) in his late 50s without a penny to his name instead of working hard to fund a retirement.
I dropped out of the Witnesses in my mid 20s, went to a four-year university, got a bachelor's degree, then got a professional degree after that. After eight years of building a career, I've paid off my massive, six-figure student loan burden and am now finally in a position to make long-term financial plans of my own.
At the same time my parents health is deteriorating and my siblings are starting to look at me as the logical one to bear the burden. I'm not having any of it. I won't let my parents starve, but I'm not going to let myself get taken down along with them.
I went through this in my early 20s when I was still a good Witnesses and living under my parents roof. I took a year's worth of savings and spent it all on badly needed repairs on my parents home. We're talking over $10,000 about 15 years ago. My parents then went out and bought $5,000 in living room furniture because they "got it on payments." Not only could they not afford the furniture, they had a dog who chewed up the couches within weeks.
But I didn't learn my lesson. A year or two later I bought my mother a car so she could get around and my father, jealous that I had done something nice for my mom, went out and bought a car himself, one he didn't need and couldn't afford. Again, he got it on payments. It sat in his driveway, mostly unused for years. It was a complete waste of money.
I'm not making the same mistakes again. I love them, but they have to face the consequences of a lifetime of bad decision-making.