Close relative of mine has turned 60 years old. I'd like to give them helpful advice, if I could.
- Earns $33k/year working for the government (a county in the US).
- Has about $4k in savings
- $40k in home equity
- $55k left on mortgage (refinanced a few years ago)
- Lives alone in a 3-bedroom home (kids and ex-spouse moved out several years ago)
- After retiring in a few years, will receive only social security, no pension from job.
Expenses per month:
- Mortgage $325 and also pays $50 extra
- Food $300
- Utilities $145
- Home and car insurance $60
- Dog food $50
- Gym membership $35
- Gas for car $35
- Car parking space at work $30
- Misc (including home repairs & health) $100
Yes, a 3-bedroom is too much space for one person, but apartments in their area cost more than that mortgage payment. Any advice for them?
Any advice for that person's kids who may be able to put a few thousand $ towards something (whatever would help the most)?
Submitted March 23, 2017 at 10:33AM by goodDayM http://ift.tt/2nMyOJs
