Created by Oscar Castellanos — Freedom Built Ugly / First-Gen Finance

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“We are their retirement plan.”

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This guide is educational only. It’s not legal or financial advice — just practical steps from my own first-gen journey.

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Introduction

My dad has run an auto shop in South Phoenix for over 30 years. No retirement plan. No 401(k). No savings account sitting on the side. Just hard work and whatever he could bring home each week.

If you’re first-gen like me, you probably know the same story: our parents gave everything to provide for us, but planning for retirement was never on the table. Now, as they get older, we’re realizing something nobody told us — we are their retirement plan.

That’s heavy, but here’s the truth: it doesn’t have to be overwhelming. You don’t need to figure everything out in one night. You just need to start. This guide will give you 5 practical steps you can take to protect your parents’ future — without losing yourself in the process.

“Somos su plan de retiro.”

Step 1: Have the conversation

This might be the hardest step. Talking about money with parents, especially immigrant parents, can feel uncomfortable or even disrespectful. But the longer we avoid it, the heavier the burden gets later.

Try opening with care instead of confrontation:

• “Dad, I want to make sure you’re comfortable later — can we look at what you’ll need each month?”
• “Mom, I know this isn’t easy to talk about, but I want to help us be prepared.”

The key is listening first. Ask questions. Let them share their fears and hopes. Then slowly share what you’ve learned.

Step 2: Get clear on their financial picture

You can’t plan for what you don’t see. Grab a notebook or create a simple chart and write down:

• Income sources → Social Security, side income, any pensions.
• Expenses → housing, food, medical, insurance.