How to plan for aging Mom's retirement

[poporetto]

@christianityfacts Wouldn’t it be better to pay her expenses and then have her contribute that same amount into some sort of tax-advantaged account?

 

[jenni4]

@fooldani I’m thinking of the unknown: does she get sick and is unable to work? does she get laid off and cant find new work? As long as you have things like that considered..

 

[fooldani]

@jenni4 True, I don’t. I wanted to get a baseline started, then I can add in contingencies like that. Good call.

 

[andriana125]

@fooldani Your mom should continue working as long as she is able. That's the honest truth. People do not have to retire when they can't afford it.

 

[fooldani]

@andriana125 Agreed on not having to, it’s the wanting to aspect that’s driving the decision. I would agree she should work as long as she is able, and I will be continuing to encourage that. Especially based on the numbers.

 

[meeniminyong]

@fooldani Unfortunately, retirement is a financial condition, not an age. Quite frankly she can’t afford to retire before 70 at this rate.

 

[andriana125]

@fooldani Run the numbers for her. Don't agree to any support. She will hopefully change her mind when she sees her budget.

 

[lovenotrules]

@fooldani Become a landlord. Set it up so her housing expenses are low and she can mind the house day to day.