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 dwell on. He had warned her previously to save lots of for retirement, however she refused.
“She informed me it was a rip-off,” he wrote within the r/povertyfinance subreddit lately. “I’ve additionally informed 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 previous.”
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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 may dwell off Social Safety. After the divorce, her month-to-month revenue will likely be about $1,000 from Social Safety and alimony. The home she lives in will likely be offered, and he doubts there will likely be a lot fairness left. She’s additionally carrying bank card debt.
Now, she’s making an attempt to get right into a 55+ residence complicated with income-based lease. However even with that, he admits, “I can’t think about [her] dwelling on $1,000 a month.”
He lives throughout the nation from her and lately obtained financially steady himself. He’s nervous about being anticipated to assist her out. “I’m doing my greatest 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 supply her choices.”
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The put up shortly drew a wave of responses crammed with recommendation. Many pointed to packages like Part 8 housing, Supplemental Vitamin Help Program, Low Earnings House Power Help Program, Medicaid, and native senior facilities. One individual famous, “If she will get into backed housing, it’s 100% doable on that revenue. Not saying it is going to be straightforward with current debt however positively doable.”
Some additionally instructed she would possibly qualify for spousal Social Safety advantages if she was married for at the least 10 years. Others advisable wanting into Chapter 7 chapter to wipe out her bank card debt.
There have been additionally those that mentioned that $1,000 a month means dwelling very merely. “My mother just about sits at dwelling and watches TV all day. No automotive, no journey, no actions, no nothing,” one individual shared.
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Others had been extra direct. “She made her selections,” one wrote. “She informed you retirement saving is a rip-off. Let her discover out firsthand.”
