Anonymous wrote:Op here. My family goes back 4 generations in the US. My inheritance was a mixture of cash, General Electric and Sears stock (which have done miserably in recent decades). I live modestly and have supportive friends and my sister’s family. Reading this board makes me realize I’m not the only one in this situation and I feel better.

Most Americans will retire on their social security and not much more. This board, and even popular culture, tries to paint a picture of everyone (especially if white) being affluent and having generous retirements and generous family inheritances but for most people, black or white or whatever, this is absolutely not true.

I would imagine you already know how to live frugally and are used to it and aren't extravagant. As long as you have realistic expectations about what you can do in retirement, no Viking tours for example, and are content to live in a simple apartment and have a simple life where pleasures revolve around being with your sister's family and small local activities, that's going to be the average retirement in the US. I would explore options for subsidized senior housing to minimize your living costs and between that and social security, you will live a simple and decent life. "Fixed income retirement" used to be a common term that seems to have gone out of the window in recent years, which is a bit of a shame.

Start looking into subsidized housing and other services your county or state offers seniors. Find out the low income threshold and see if you qualify for any assistance. Start making a plan for yourself and share what you learn with your sister.

Op here. My family goes back 4 generations in the US. My inheritance was a mixture of cash, General Electric and Sears stock (which have done miserably in recent decades). I live modestly and have supportive friends and my sister’s family. Reading this board makes me realize I’m not the only one in this situation and I feel better.

Anonymous wrote:I think everyone is misreading the Ivy reference. I think this man is trying to paint a picture of a disappointing life, and he wanted to include all the factors that make him feel like an underperformer: his excellent education, his inheritance, etc.

But none of that adds up necessarily to a life of failure. You have what is probably an interesting job where your work is valued. You’re close to your sister and nephews, who surely appreciate all you’ve done for them. Nothing wrong with an apartment! I own a home and it’s kind of a drag. As long as you have enough to live modestly but comfortably, you have someone to love, and you have meaningful work, you’re doing fine in my book.

Excellent points.

OP, there are quite a few people like you, for example immigrant parents who came via family reunification. Many settled in NY and CA as their public assistance is most generous. Their kids are well off and manage their affairs and help them financially if needed, but that’s not needed often as they have subsidized apartments, receive SSI and in-home support services (get allocated a number of hours, their kids take the money and either care for them or hire someone else for less money or reallocate the hours).
They have nothing to wish for, and often leave significant savings to their kids.
Sometimes it’s better not to have anything on paper but have relatives who can help you out.

Anonymous wrote:OP here. I live in New England. The apartment is three blocks from my parents old house. I am single, no children. My only sister is divorced and struggled to raise two kids and I helped her. She inherited same amount plus a life estate (her sons will inherit) on the house she lives in now. She was SAHM and used a lot of her money to give private school and college degrees. She worries about her own retirement so I have helped along the years, seeing that she is my only family.

Why can’t you move in with her?