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Reply to "Working well into your 70s because you can’t afford to retire. "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I sold a house for a woman who worked in a hospital laundry for 30 years and her pension was $18 a month, and her social security was $400 a month. She was in her 80s and had a reverse mortgage to pay for her living costs. She was able to pay off the reverse mortgage when her house sold and we got her into a county subsidized apartment. She had about $30,000 left from the sale of the house and $418 a month to live on. [/quote] Did she not work the first 20 or 30 years of her adult life?[/quote] Yes, she worked in the hospital laundry from age 15 to 45. She worked as a house cleaner from age 45 to 71 but only a few people contributed to FICA and she did not have the money to contribute to FICA. She inherited the house from an aunt and lived their free from about 65 until she sold it. She put the reverse mortgage in place when she inherited the house so that she could pay the property taxes and utilities. [/quote]
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