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[quote=Anonymous]My dad and his wife collectively bring in $4000 per month in SS. They have minimal savings and a paid-off house in a MCOL area. They are ok on $4000 per month now but their age gap is 10 years. If one of them dies, SS goes down to $2000 per month and that’s when things will get ugly.

Their options are: sell the house and move in with dad’s sibling and thereby pool SS three ways. Rent out the house and move in with the sibling, or somewhere else LCOL, and live off SS plus rental income. Live on $4000 and hope no one dies for a long time.

My mom is single and her SS is even lower. She has zero savings and has unwisely refinanced her house (purchased for $20K in 1990) over and over. She works part time. Any dollar she earns she spends. When I was a kid, she’d pocket my birthday money. When I was a teenager, she emptied my savings account.

Unfortunately I am not rolling in cash and live far away. I have kids, some student loans, and an underfunded retirement account. I can’t afford to help them unless my plan is to depend on my kids when I’m old. [/quote]

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