HatePayingTaxes
Recycles dryer sheets
- Joined
- Jul 7, 2006
- Messages
- 102
Hi,
I wanted to get your feedback on on this situation.
My parents-in-law (both 61) are currently not working. My FIL is collecting UI and will run out end of next year. They watch our kid while we go to work and we give them $1,000 / month. No other source of income. My FIL is telling me that they need about 3k / month to get by.
In terms of their asset, they have paid off house worth about 280k and 401k of 250k. No debt.
Their plan is to start collecting on SS at age 62 for about $1700 / month and make up any difference with 401k. My FIL is pretty optimistic this 401k will provide enough to cover any shortfall while my MIL is pretty worried.
Based on this, what do you think about their financial situation?
Thanks
I wanted to get your feedback on on this situation.
My parents-in-law (both 61) are currently not working. My FIL is collecting UI and will run out end of next year. They watch our kid while we go to work and we give them $1,000 / month. No other source of income. My FIL is telling me that they need about 3k / month to get by.
In terms of their asset, they have paid off house worth about 280k and 401k of 250k. No debt.
Their plan is to start collecting on SS at age 62 for about $1700 / month and make up any difference with 401k. My FIL is pretty optimistic this 401k will provide enough to cover any shortfall while my MIL is pretty worried.
Based on this, what do you think about their financial situation?
Thanks