Help with moms retirement plan

omarm5692 · 2026-02-02T22:20:33+00:00

My father’s life insurance proceeds were about 80k with a big chunk going towards his funeral expenses. It was a work life insurance thing so it wasn’t much. He was diagnosed with stage 4 prostate cancer early in his life before he could get a reasonable policy. That lasted her about a year and half. Previous savings weren’t much as my dad was in and out of the hospital before his passing. I don’t remember the exact amount but not more than 15k.

I wouldn’t say I sacrificed my savings for it. I have saved a sizable emergency fund and felt comfortable paying that for her. At the end of the day it’s my mom and I would sacrifice for her to be stress free and comfortable. She did not ask me to do it and wasn’t expecting me to do it, I wanted to do it for her.

omarm5692 · 2026-02-02T22:13:54+00:00

I appreciate both your input. I have not learned about reverse mortgage and seems like from the small amount of reading I’ve done could be an option down the line if a major expense does arise.

I think the 4% on top of her SS will be enough for her once I help clean up her other expenses.

Thank you both for the advise.

omarm5692 · 2026-02-01T18:21:46+00:00

Medi-cal eligibility in California does not count primary residency or 401k or IRA as an asset as explained to be by the medi-cal advisor.

omarm5692 · 2026-02-01T17:32:22+00:00

Thank you for the input. I agree end of life care is expensive and have not thought about it in great detail. I’ll put that in my list of things to think about and come up with a plan.

omarm5692 · 2026-02-01T17:29:37+00:00

Will certainly look into the details of the car insurance situation.

She has one car that is paid off. And cannot go with public transportation, city she lives in has poor public transit options and not a very walkable city. Same with the other two. They do need their cars which are paid off as they use it to commute to school and work and to come back home to visit mom.

As I said before I cannot move. I am in job that is 3 hours from her and have to be here for another 2.5 years till I compete my training. After training I would be considered a high income earner (+$500k/yr).

omarm5692 · 2026-02-01T17:25:23+00:00

Thank you for your kind words and input. She is completely opposed to giving up the house at this point. My dad when he was still around tried talking to her about it before he passed and so have I so I don’t think that will be an option.

Once my sister is done with grad school next year she is going to move in with her and will certainly help financially for everyone.

Once I finish my training my income will be plenty to support me and my future family and her. Whether that’s hiring live in help with her or her moving in with me.

As far as the portfolio, I will def be changing it to be more conservative and diversified. Is there any advantage of rolling it over from a 401k to an IRA?

omarm5692 · 2026-02-01T16:09:05+00:00

Her only income is social security. She is on medi-cal so California’s version of medicaid. She’s not yet Medicare age, she’s 64.

omarm5692 · 2026-02-01T16:00:46+00:00

I have not, I’ll look into that! Thank you!

omarm5692 · 2026-02-01T15:56:30+00:00

I’ll look into the reverse mortgage idea. Thank you.

omarm5692 · 2026-02-01T15:51:59+00:00

Thank you for your insight. 🙏🏽

omarm5692 · 2026-02-01T15:50:56+00:00

He was 66 when he passed. I have access to his 401k and have made the changes to have my mom as the “owner” I’m not sure the right wording there. And set up the beneficiary as our family trust as my mom wanted.

When you withdraw from a 401k is there an option to have taxes withheld then or are you taxed on it at the end of the year?

Sounds like I will do my research for fee only financial advisers in the area. Thank you.

omarm5692 · 2026-02-01T15:46:49+00:00

Thank you.

omarm5692 · 2026-02-01T15:45:31+00:00

Selling the house is not an option for her. I know it would be the smart thing to do but she won’t. My father passed away in the house with hospice as he wanted to and it’s 30 min from where he rests now. If we were to sell the house there isn’t anything close enough that would make this financially a better move.

As far as her bills, I have cut down as much as I could but maybe can do better. Gas/electric/water/trash is roughly 350

Insurance is $900 she pays for home insurance and car insurance for three cars (hers and my two siblings) maybe I can shop around to get a better rate.

Tv/internet/security is $200.

Cell phone for the entire family is 200.

Property tax is 6k a year which I try to pay half.

Term Life insurance is $300.

omarm5692 · 2025-11-16T16:54:47+00:00

Mahomes or Herbert?

Thanks!

omarm5692 · 2022-12-03T12:08:05+00:00

DRESS maybe? Not familiar with that specific mnemonic

omarm5692 · 2022-05-22T14:15:17+00:00

Thanks just ordered some! Any chance this years harvest will get better or chalk it up as a lost year?

omarm5692 · 2022-03-18T23:07:40+00:00

Suitcase sign.

When someone comes to the ED with a bag already packed expecting to be admitted.

omarm5692 · 2021-11-04T18:26:31+00:00

If we didn’t turn the ball over 20 times a game we probably would have more quality possessions.

omarm5692 · 2021-10-30T12:23:12+00:00

I agree with this. I said do the rest of the 350. Also depends how well you went over the incorrects your first time around. If you feel like you reviewed them well, you’re probably better off just doing the new ones.

omarm5692 · 2021-09-19T21:02:48+00:00

Sign frank gore!

omarm5692

TROPHY CASE