So to elaborate on the situation in the title, this is about my mother.
She is 65 and her Social Security wouldn't be close to enough to support her in retirement. She was thinking she would have to work until the day she died. Im much more optimistic, I think given the right plan we can get her to a modest retirment where the bills can get paid without too much trouble.
So here is my plan, and criticize it as it warrants.
First we're going to get the goal of retiring by 70 to max out her Social Security. This also gives us 5 years to invest in some fixed income securities to supplement her income in retirement. Im not so naive to think that will be enough however, So another part of this plan is to have her work part time under the table cleaning houses (which she is very good at I might add) for a few extra bucks.
Next I've advised her to move down in house at the end of this time period, hopefully the housing market doesn't go kaput in the mean time, and she can extract 10-20k in equity to put towards more fixed income securities.
Lastly, my sister is living with her, and the plan is to have my sister start paying rent, some amount that is reasonable for both parties (sister doesn't make much money).
Also, we should do our best to have most if not all our debts paid off by the end of this 5 year period to reduce overhead.
What do you guys think about this plan? Is there anything to add? takeaway?
All I ask is you be cordial in your responses.
Submitted July 07, 2018 at 04:57AM by dcman00000 https://ift.tt/2MRWyV1
