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Mom's retirement case
Posted on 5/26/13 at 9:39 pm
Posted on 5/26/13 at 9:39 pm
Mom hasn't put a penny into a retirement account. Her work pays her retirement (she is a RN nurse). I don't expect that to be much.
She makes 50k a year and she is 50. Any suggestions on retirement? She does not own a house either.
I'm trying to talk some sense into her. Need some ideas of where/ how to invest.
I'm scared that it's too late. Someone give me hope for her.
She makes 50k a year and she is 50. Any suggestions on retirement? She does not own a house either.
I'm trying to talk some sense into her. Need some ideas of where/ how to invest.
I'm scared that it's too late. Someone give me hope for her.
3
Posted on 5/26/13 at 10:14 pm to LSUTigers00884
Maybe her retirement plan is crashing at your house.
Can she cook? Does she get along with your spouse? She knows medical stuff, and may not mind watching the grandkids when you get to that point (free babysitter).
Can she cook? Does she get along with your spouse? She knows medical stuff, and may not mind watching the grandkids when you get to that point (free babysitter).
Posted on 5/26/13 at 10:19 pm to LSUTigers00884
When is she planning to retire? Does she have savings? I would probably say to immediately do a Roth if she can. Does she rent?
Posted on 5/26/13 at 10:24 pm to kywildcatfanone
She should get in the best shape of her life and hope a single Dr. Wants to marry her.
Posted on 5/26/13 at 10:44 pm to kywildcatfanone
No specific plan of when to retire. Minimal savings (no more than 5k).
Yes she rents.
Yes she rents.
Posted on 5/27/13 at 7:02 am to LSUTigers00884
With a 50K salary, she must be spending her money on something if she's not saving much. She needs to get on a written budget, and save at least 10% of her salary. I would also say to fund a Roth as well, at least for 5 years or so, but she needs to be in a saving money mode with intensity at this stage.
She should be able to save a decent amount in 12 years or so.
She should be able to save a decent amount in 12 years or so.
Posted on 5/27/13 at 7:22 am to LSUTigers00884
Try to find out exactly how much her employer-funded retirement plan will pay. If it's a defined benefit plan you may be pleasantly surprised. She also should now be getting an annual statement from Social Security telling her how much her SS benefit will be. The lack of savings is troubling but her combined retirement income may be enough to live on.
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