@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..
@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.
@lovenotrules Yeah, not a bad idea. This would, however, entail investing in a condo, TH, or SF at an amount great enough so the payment is lower than what she would pay out of pocket.
Definitely something to consider though for when her lease on the new apartment comes up in 14 months.
@lovenotrules This was our plan for my MIL but she died. We would buy a small condo and she’d pay the HOA.
Your mom might need to move. Does her area have senior sub sized housing? My city has 55+ apartments for $500/month. The waitlist is long, but she could apply now to something and have time to wait.
@fooldani At this point, its best to focus on improving your own situation so you can assist your Mom when it comes time. Her numbers are too small to really make a difference.
She is still spending far too much on a monthly basis. Real time inflation has been running closer to double the official rate for years. If they are saying 3%, its closer to 6%. If they are reporting 10%, its closer to 18-20%.
@onoriode Shoot, you’re probably spot on for inflation. It probably is closer to that. It’s funny, financial firms and institutions still use 2.5-3% for majority of their personal finance modeling.
@fooldani OP, your cause is noble and I’m sure your mom appreciates you. Make sure you’re able to contribute fully to your retirement and investments as well. You’ll end up in the same position (and your children in the same position) if you don’t put your oxygen mask on too.
@fooldani Does she has a long term care policy? She probably needs that for later in life. Not saying you need to buy it now, but something to consider.
