Toggle navigation
Toggle navigation
Home
DCUM Forums
Nanny Forums
Events
About DCUM
Advertising
Search
Recent Topics
Hottest Topics
FAQs and Guidelines
Privacy Policy
Your current identity is: Anonymous
Login
Preview
Subject:
Forum Index
»
Money and Finances
Reply to "Retirement Question - My Widowed, Immigrant Mother"
Subject:
Emoticons
More smilies
Text Color:
Default
Dark Red
Red
Orange
Brown
Yellow
Green
Olive
Cyan
Blue
Dark Blue
Violet
White
Black
Font:
Very Small
Small
Normal
Big
Giant
Close Marks
[quote=Anonymous]My mother is 65 years old and is a barely-English speaking immigrant and widow. She is in good health and has a full-time art-related job she enjoys (which she can do well without speaking much English) that she will likely keep for another 5 years or so (health permitting) as her long-time employer likes her a lot and she is good at what she does. She currently makes about $60k per year and owns her small house without a mortgage (valued at around $320k). Her only savings/retirement fund is around $75k that she keeps in a regular savings account (I know . . .). When she retires, her social security income will be only around $1,600 a month (she came to this country older and neither her nor my dad made much money so their social security contributions were small; she has no pension nor 401k nor anything else). She has no debt whatsoever. My question is, how can I advice her or help her deal with retirement when the time comes? At $1,600 a month, she won't be able to make ends meet. One scenario would be for her to move in with my family and rent out her own house for about $2,200 a month -- that would bring her retirement income up to $3,800, which is decent but she would give up living independently, which she enjoys. What can I do for her? Should I tell her to put the $75k in an investment account like a Vanguard account, or is that not worth it at this point? I could also stretch my own budget and purchase a small apartment in my name for her to live in (without paying me rent) and she would then be able to live off her house rental and small SS check. She really enjoys working and does not see herself retired sitting around the house. I happen to be on good terms with the owner of the company she has worked for for many years and he tells me he could envision her working there at least 5 or more years and then after that she could continue working part-time if she wants. Any thoughts on this situation? I'm worried about her retirement and want to advise her if possible.[/quote]
Options
Disable HTML in this message
Disable BB Code in this message
Disable smilies in this message
Review message
Search
Recent Topics
Hottest Topics