Reply to Middle-class, reasonable, not extravagant retirement plans

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[quote=Anonymous]This is my parents. They both worked union jobs and have modest pensions. My dad also as social security and waited past the first eligibility to take it, but didn’t wait max time for the largest payout. They have a bit of money in a 401k as well that they won’t touch until they have to.

They sold their paid off house in a LCOL area to live in a townhouse near me in NoVa with a small mortgage - their choice. Their TH has appreciated a lot since they bought it in 2016 and I think if the need comes, they will be able to sell it and move to a 1-2 bd condo near me. I wish I could hit the lottery and buy them a 1 level house closer to me - they are 25 min away. We can’t buy and renovate a whole rambler for them, but we can pay off their TH and cover a monthly condo fee in an elevator building where they can use Uber and public transit when the time comes to stop driving.

Their expenses are minimal. Their hobbies are church volunteerism, some book clubs, and activities at the rec center. They have enough money to go out to eat a few times a week, go to concerts at Wolf Trap, and see a few shows a year at the Kennedy center.

I’m an only child, so when when time comes for a condo or assisted living, we’ll consult with a financial planner and attorney to determine the best way to structure it so we don’t go bankrupt funding end of life care.  [/quote]

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