My mom is in her early 60s and wants to stop working either this year or next year. She's already retired from the military but has been working a small job on a military base for about 7 years to make a little more income. Here's this issue, my mom is in a very verbally abusive relationship with my step father (he actually put his hands on her once years ago) and is very worn out from their marriage of about 10 years or so, and what makes things even more complicated is that she has custody my two nephews both 5 and 6 since they were like 1 and 8 months old respectively. Their mother (my sister) has been on hard drugs majority of her life and is about to go to jail for about 5 years, and the boys' father is not in the picture. Since taking custody of the boys my step father always tells her how much of a burden she and the boys are to him and how he shouldn't have to be dealing with all this in his retirement years. The crazy thing is I can tell he really loves the boys and helps my mother take good care of them, but always turns around and tells them they are burdens to him. Needless to say I really support her decision to leave him, I don't want my nephews growing up around such a toxic male figure and his backward views rubbing off on them.
This is where things get tricky. My mom has racked up 60k-ish between CC/debt and car loan. Right now here income looks like this:
- Military retirement -> $3400 net (minus $1900 to repay and 85k lump sum the military gave her to leave the military years ago because she rejoined after accepting the 85k) so actually $1500 until 85k is paid
- Social Security -> $1000 net she gets after turning 62 June of this year
- VA check -> $700 net which is automatically going towards her 85k debt above
Apparently her 85k debt is now down to 40k-ish now and she should be finished paying that off in about 3 years, which at that point would bring her monthly income to $5100.
She kind of sorta has a plan which involves selling her 1st home (she's been renting it out while living with my step dad) which, best case scenario could profit her around 100-75k allowing her to pay her debt off. But even if that works in her favor there's the matter of where she's going to live while raising my nephews. I currently live 1500 miles away from them at my first job out of college, but am planning to move to back their area in about 1 1/2 - 2 years and buying a house. I make decent money, total comp being around 100k before bonus and my salary will probably increase by 10-20k when I move back home and find another job. She knows of my plans and I know she'll want to move in with me when this all goes down which I've been weighing the pros and cons of. If everything works out she would have sold her house and paid off her cc/car loan debt with the profits, 3 years from now be finished paying her 85k back (same time I plan to move back) and be getting her full $5100 a monthly, and paying me $1500 a month for her and the boys to live with me which gives me peace of mind that her and the boys have a place to stay and will allow me to pay down my future mortgage quicker. We'll obviously need to crunch the numbers more thoroughly as we get closer to me moving but I just want opinions on if this sounds like and ok plan.
Submitted March 23, 2019 at 12:28PM by Sweet013117 https://ift.tt/2Tu3xpY
