A Reddit poster recently turned to the internet for advice about his parents. The original poster (OP) is worried about their retirement outlook: they have almost no savings and are struggling to cover their basic bills.
He wants to know where they could realistically live and what concrete steps they should take to build some measure of financial security. Here is what the OP shared, along with strategic options his parents can consider to build a more sustainable retirement despite their limited **** ets.
According to the OP, his parents had limited formal education. His father suffered a disabling back injury at his farming job and was forced to stop working. He received a $100,000 settlement, which was not nearly enough to bridge the gap to Social Security eligibility, but the couple lived on that money while waiting to qualify.
They now collect a combined $2,200 per month from Social Security. His mother earns a small amount babysitting, but opportunities are scarce in their small rural town, and she spent years at home raising children rather than building a career. Because they never understood retirement savings, they have no nest egg and no pension from the father's former employer.
The parents carry a $1,500 monthly mortgage and a $300 car payment, and they simply cannot cover their bills on the $2,200 Social Security income plus the mother's occasional babysitting earnings. The OP is asking whether they should sell the home and, if so, where they should move to stretch their limited income as far as possible.
He wants to know where they could realistically live and what concrete steps they should take to build some measure of financial security. Here is what the OP shared, along with strategic options his parents can consider to build a more sustainable retirement despite their limited **** ets.
According to the OP, his parents had limited formal education. His father suffered a disabling back injury at his farming job and was forced to stop working. He received a $100,000 settlement, which was not nearly enough to bridge the gap to Social Security eligibility, but the couple lived on that money while waiting to qualify.
They now collect a combined $2,200 per month from Social Security. His mother earns a small amount babysitting, but opportunities are scarce in their small rural town, and she spent years at home raising children rather than building a career. Because they never understood retirement savings, they have no nest egg and no pension from the father's former employer.
The parents carry a $1,500 monthly mortgage and a $300 car payment, and they simply cannot cover their bills on the $2,200 Social Security income plus the mother's occasional babysitting earnings. The OP is asking whether they should sell the home and, if so, where they should move to stretch their limited income as far as possible.
4 months ago
