A involved son shared a tricky story about his 67-year-old mother who retired with no financial savings, is now getting divorced, and solely has $1,000 a month to stay on. He had warned her up to now to save lots of for retirement, however she refused.
“She instructed me it was a rip-off,” he wrote within the r/povertyfinance subreddit not too long ago. “I’ve additionally instructed her she must get a job to at the least have some cash. She hasn’t tried, however says nobody will rent her as she’s too outdated.”
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The poster defined that his mom retired 5 years in the past with zero financial savings, assuming that she and her now-estranged husband might stay off Social Safety. After the divorce, her month-to-month earnings shall be about $1,000 from Social Safety and alimony. The home she lives in shall be bought, and he doubts there shall be a lot fairness left. She’s additionally carrying bank card debt.
Now, she’s attempting to get right into a 55+ condominium complicated with income-based hire. However even with that, he admits, “I can’t think about [her] residing on $1,000 a month.”
He lives throughout the nation from her and not too long ago bought financially secure himself. He’s apprehensive about being anticipated to assist her out. “I’m doing my finest to not be too concerned, however I do know in some unspecified time in the future she’ll need cash from me,” he wrote. “I’ll by no means let her starve or be homeless, however I need to have the ability to assist provide her choices.”
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The put up rapidly drew a wave of responses stuffed with recommendation. Many pointed to packages like Part 8 housing, Supplemental Vitamin Help Program, Low Revenue Residence Vitality Help Program, Medicaid, and native senior facilities. One individual famous, “If she will get into backed housing, it’s 100% doable on that earnings. Not saying it is going to be straightforward with current debt however positively doable.”
Some additionally advised she may qualify for spousal Social Safety advantages if she was married for at the least 10 years. Others really helpful trying into Chapter 7 chapter to wipe out her bank card debt.
There have been additionally those that mentioned that $1,000 a month means residing very merely. “My mother just about sits at residence and watches TV all day. No automobile, no journey, no actions, no nothing,” one individual shared.
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Others had been extra direct. “She made her decisions,” one wrote. “She instructed you retirement saving is a rip-off. Let her discover out firsthand.”