So I am in a bit of a pickle and do not know where to go and I was thinking you guys would have the sound advice:
My mom is now 56 years old, the majority of her life she was a stay at home parent. About 12 years ago she had a battle with cancer, and then a nasty divorce where she was stuck holding a big bill for 4 kids that she couldn't afford. The divorce agreement saw us sell our house and she is now surfacing from the debt that was accrued after those terrible years with currently $11,000 in cash and a $165 biweekly 401(k) if it were to pay out right now.
I am the youngest of the 4 and just graduated from University. My first focus has been getting my finances straight and focusing on my retirement (which I hope to hit around 55-57.) With my increased focus on how difficult it is to reach retirement I now notice just how bad my mother's situation is if she ever wishes to retire. I came here to ask of you guys what are the best steps to save as much as possible in 10 years? I am helping her with budgeting but we are both inexperienced with investing and similar saving routes.
Good news is if you get divorced and your marriage lasts over 10 years you can choose to get 1/2 of your ex-spouses social security and since my dad has made over 100k pretty reliably for 15 or so years I assume he will have a decent SS. Besides her for the sake of this convo I'd like to assume it's just me helping since I've never had the discussion with my siblings. I am currently enrolled in Graduate school for Healthcare Administration paying out of pocket and my Undergrad loans back. I do think by the time I'm 35 hopefully I'll own a house by then and she can just live with me however nothing is guaranteed. So what are the best steps we can take to increase her financial security?
Submitted August 03, 2017 at 09:50PM by mtdb125 http://ift.tt/2vyhoUX
