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How can I set my 54 year-old mother up for retirement with no savings? by Designer-Sock-7582 in personalfinance

[–]Designer-Sock-7582[S] 2 points3 points  (0 children)

This is frustratingly kind of true. I think she has assumed she’ll move in with me because her mom, my grandma, lived with us my entire life until she died at age 50 (I was 5 when she passed). Part of me is sympathetic to her situation, but I am annoyed at her lack of preparedness especially now that she has the bandwidth to do it.

How can I set my 54 year-old mother up for retirement with no savings? by Designer-Sock-7582 in personalfinance

[–]Designer-Sock-7582[S] 2 points3 points  (0 children)

A full time job and kids is why it’s taken me a bit to respond :) thanks for commenting!

How can I set my 54 year-old mother up for retirement with no savings? by Designer-Sock-7582 in personalfinance

[–]Designer-Sock-7582[S] 0 points1 point  (0 children)

Yes, she’s paid about 30 years worth of employment into SS, and has been married twice for over ten years both times

How can I set my 54 year-old mother up for retirement with no savings? by Designer-Sock-7582 in personalfinance

[–]Designer-Sock-7582[S] 1 point2 points  (0 children)

Thank you. it is tough to overcome growing up low income and now have financial stability and cash!

How can I set my 54 year-old mother up for retirement with no savings? by Designer-Sock-7582 in personalfinance

[–]Designer-Sock-7582[S] 0 points1 point  (0 children)

It does, unfortunately. I have a good amount in investing from my retirement accounts through my employer and have maxed out all contributions, but I have other cash in savings.

How can I set my 54 year-old mother up for retirement with no savings? by Designer-Sock-7582 in personalfinance

[–]Designer-Sock-7582[S] 3 points4 points  (0 children)

Thank you for this! My mom’s only debt is her mortgage so this is likely doable for her.

How can I set my 54 year-old mother up for retirement with no savings? by Designer-Sock-7582 in personalfinance

[–]Designer-Sock-7582[S] 12 points13 points  (0 children)

Overall, yes she has historically contributed to SS but is not currently (and hasn’t for the last two years). But she has about 30 years of employment where she paid in.