davenoonan
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@cradlerc58 Douchebros in those countries expect mom to cook and clean for them when they're 40, so no.
Single 55 yr old woman. What’s next?
- Thread starter sufi
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theophilia
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freckles12
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gracelover777
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@rayar A single mother supporting 2 children on her own without any support from the sperm donor asks them to pay rent when they finish school and you’re having a conniption fit. Crazy. She didn’t say “kick them out” nor that they were 18 year olds fresh out of highschool.
Which would be unlikely since she’s 55 and near retirement age.
They are likely undergrad/grad students. She’s already helped them through college on a single income salary.
Give me a break.
Which would be unlikely since she’s 55 and near retirement age.
They are likely undergrad/grad students. She’s already helped them through college on a single income salary.
Give me a break.
@sufi Your mileage may vary but being I. A similar situation but a bit younger, I’ve spent the last few years grinding to save and pay down debt/mortgage as single parent (no support) and have really focussed on what my longer term lifestyle goals are overall and I’ll explain below. I’m a few years younger than you with kids just heading to uni and the last 7 yrs of being a single parent - here’s what I focussed on:
good luck!
- How do I want to live at 55 and 60 and onward? Led to making a job change again at 48 when I felt I had more time for the stress as my kids aged. Increased my salary by a lot which has helped my overall desire to keep working and also allowed me to enjoy my life more - I can see working longer too now and consider slowing down to less stress positions around 57-60 and onward - still earning but in better position for lifestyle. For you that might be 62-65 and onward.
- I Focussed on RRSP to get some tax savings, reinvested returns into RRSP (I had a lot of post divorce debt too and scurried to work on that) - saved $37,000 in six years just being diligent and growing the money in a few ETFs - I do it myself now too. Read a lot of books, listened to a lot of podcasts before getting going. Joined Reddit and Insta accounts for Cdns planning to invest or live debt free.
- Think longer term - can you work less as you age but still enjoy a job? More balance? And as you grow the TFSA or RRSP, think about it serving you later in life instead of sooner - like 20 years from now at 75 when you may want to slow down. Consider your risk. Run projection calculators for investing out to 75 years old to see what that looks like for you - it can be reassuring to know that even though we don’t start at 20 investing, any money is better than no money when older. I like Get Smarter About Your Money.ca ‘s calculator. I run mine out to 75 and use calculations like “what if I add nothing after five years” and see what the growth is at a
Reasonable expected rate of return.
- Golden Girls it or get creative with thinking about future living arrangements when your kids are gone — my plan is to look at options for house sharing with other single women if it works out - do I love sharing my house? No, I’ve never lived alone - always had roomies or husband or kids - but honestly, as I work to pay down my mortgage like you are, I think about a) working less b) being away more traveling or visiting people elsewhere and so maybe house sharing for income is worth it. With the right people of course.
- Remember to enjoy life too - my dad died at 55 so this year as I turn 50 I’ve really been focussed on value in my life while staying the course financially. How can I have inexpensive fun? Be out doing what like? Meet new people? What matters to me? Give my teens space on their on so I can enjoy too? Etc. It’s been a fun year and it took my mind off the worry of having very little savings at this age.
- Mortgage - I have a renewal next year in 2025, 1.99% and about $192,000 owing. I increased my payments by 10% twice in the last few years. It gets a bit tight but it has made a huge difference. I really want to lowest housing cost possible. But balance it with investments for my much older years.
good luck!@99caravan Thank you so much for your thoughtful response. I have a great group of women friends. A few of us are single or widowed and we’re already talking about this. I do have a basement suite so that’s always an option to rent out. Also, once my main contract is over, I have a secondary source of income which brings in about $3000 a month. So in addition to revenue I can make with my basement suite I will be able to pay for my day-to-day living expenses. If I can’t find full-time employment once this contract is done. I’ve always been a single parent with no support, and I’ve always had to have plans B, C, or D. it takes a toll on your mental health when you’re always living fear-based.
Great on the suite!@99caravan In a similar boat as well. Good advice 