I’m writing for some advice about my 67 yr old mom who is newly widowed. My dad died last year and my mom has never learned how to understand or take care of anything really to her finances. I have had to take over everything for her and I’m not that savvy myself. She owns a house currently worth approx. $850,000 and has a mortgage of $1,000/mo. There is still about $80,000 owed. She has never worked (housewife) and receives $1,800/mo social security. She has about $125,000 in a savings account. She is waiting for a sizeable sum from my fathers parents estate but we have lots of issues with that distribution and have no idea when it will come in (we have already been waiting for that for 4 years). So I want to plan for her based on what she has and not what she could have. She lives a relatively cheap lifestyle although it has been a big struggle to get her to stop buying $50-100 month in unnecessary items (new towels that go on sale, junk at 99 cents stores). I have made a grid of her expenses including all house costs including insurance, car expenses etc. and she really needs $3,200/mo to live very comfortably. That is given no unexpected expenses. Can anyone chime in on this situation and what a good plan may be to help her live comfortably for...well, forever? Also, what impact does the little spending habit of buying cheap shit that goes on sale has? Anyone have similar experience? All useful comments welcome.
Submitted November 09, 2018 at 12:36PM by MeowingUSA https://ift.tt/2QwAVMe
