Mom just retired, with no savings...

[Out-to-Lunch]

Seems like the OP is MIA.

When did that ever stop us?

 

[sgstaley]

This probably sounds WAY to simple.

I invested a few thousand dollars of my mother's money in a "crowd funding"(?) website called kickfurther.com. The investor (you) buys (literal) inventory in a persons business. That person's business sells the inventory and pays back the loan with interest to Kickfurther.

It is NOT risk free. I have been investing in these co-ops for about a year now. It is paying two percent per month return. I use 2%/mo as my minimum standard. I also try to invest in short time frames. Lastly, I do not put all of my eggs in one basket.

So far I am very pleased with the results considering that I am not investing tons of money.

 

[Bamaman]

My suggestion is Section VIII housing. If it's unavailable in your community, check out some of the small cities within close proximity of you. Sometimes DHS can make suggestions on what to do too.

Some cities, low income housing is dangerous and they're dumps. But in other towns, they can be quite adequate.

My mother in law was working at Taco Bell until she was in her 70's.

 

[5Miler]

I seem to recall, (I think it was Turkish), reading of an old expression to the effect that "Eight mustaches can live together in the same house better than four breasts".

True words. Unbelievably, the action that brought about peace in the household was when we brought home a puppy that DGF had been wanting and one month later I rescued another puppy. Seems it gave my mother the companionship she needed during the day as DGF and I worked long hours leaving her alone most of the time. I had never considered that aspect of her life as the rest of our family lived in other states so she was otherwise isolated from friends and family.

Sadly, my last pup passed away this July at 16 years old.

 

[pb4uski]

Seems like the OP is MIA.

When did that ever stop us?

True in both cases.

 

[ncbill]

If there's lifetime health care via the military why not a military pension as well?

Did she give up rights to it in a divorce?

 

[Amethyst]

I know a widow who gets Tricare, but no pension, from her late husband's 20-year military career. It is an immense help, as she has many health problems and sees a whole gaggle of doctors regularly.

If there's lifetime health care via the military why not a military pension as well?

Did she give up rights to it in a divorce?

 

[Wyniia]

Hi thank you so kindly for the wealth of information. I’m currently on a loooong Roadtrip for work and as soon as I have a free moment I will read each and everyone of the answers. I hope you had wonderful holidays and your friends and loved ones are safe and sound! Happy New Year!

 

[ivinsfan]

If there's lifetime health care via the military why not a military pension as well?

Did she give up rights to it in a divorce?

It could be VA health care in her own right?

 

[MrsHaloFIRE]

Thank you Amethyst for emphasizing this overlooked point. Female children still remain primary caregivers for their parents AND their in-laws.

Ahem. Children didn't look after their parents. Female children did.

And if novels from that time are to be believed, a lot of them didn't enjoy it one bit.

 

[5Miler]

Thank you Amethyst for emphasizing this overlooked point. Female children still remain primary caregivers for their parents AND their in-laws.

Apparently I am an outlier in this area.

 

[youbet]

Thank you Amethyst for emphasizing this overlooked point. Female children still remain primary caregivers for their parents AND their in-laws.

And I guess it goes without saying, but females also receive the majority of eldercare as well as provide it. We're a long way from achieving our goal of a truly unisex life for our citizens in this country.

 

[EastWest Gal]

Hi thank you so kindly for the wealth of information. I’m currently on a loooong Roadtrip for work and as soon as I have a free moment I will read each and everyone of the answers. I hope you had wonderful holidays and your friends and loved ones are safe and sound! Happy New Year!

Thank you for checking in. Stay safe!

 

[Music Lover]

Thank you Amethyst for emphasizing this overlooked point. Female children still remain primary caregivers for their parents AND their in-laws.

And over 90% of workplace fatalities happen to men. That stat is more overlooked, and in fact, one can say it's completely ignored.

 

[Sunset]

And over 90% of workplace fatalities happen to men. That stat is more overlooked, and in fact, one can say it's completely ignored.

Dead men tell no tales...

 

[5Miler]

And over 90% of workplace fatalities happen to men. That stat is more overlooked, and in fact, one can say it's completely ignored.

Another reason to avoid the workplace at all costs.

 

[Wyniia]

This is an excellent question, I will have to ask her about a pension. She used to serve herself, years ago, in the army.

 

[Wyniia]

@Wyniia, every state AFIK has resources specifically targeted at seniors. In our state, DW was vice chair of the Board on Aging for a number of years. One of their most important activities is maintaining a call center staffed with people who job it is to help in situations like yours. It is a sort of one-stop-shop for available resources.

Your profile says you are in NC, so I looked to see what they have. I did not find quite the same thing as we have in our state, but this page looks like a good place to start: https://www.ncdhhs.gov/divisions/daas Among the links there is an "Elder Housing Locator" and a link to regional "area" agencies. I think this is the area agency for Charlotte: https://centralinaaging.org/

I suggest you contact these people for help.

Wow, thank you soooo much! This looks like a great place to get started. If anything they may be able to advise or connect! Happy New Year!!!!

 

[ivinsfan]

This is an excellent question, I will have to ask her about a pension. She used to serve herself, years ago, in the army.

Probably VA health care. Most likely no pension but maybe a service connected disability she might get compensation for.

 

[Wyniia]

Her best financial move right now would be to get on the waiting lists for HUD senior housing. Check out all of the options . When I did this for my MIL the wait was in months not years. HUD housing is wonderful, they usually have activities, transportation to shopping, The rent is 30% of income. Add to that food stamps, and free government food subsidies, she will be fine. Most seniors in these complexes are very comfortable. My MIL saved so much money while living on a similar income that the complex called and told us to move the excess money out of her account. Then you can "hold" some money for her for emergencies, or whatever. Not all the complexes are equal thou, so check them out. I think once you get her in you can always move her to a better one when an opening comes up. This is not a travesty and there are many many seniors in this situation. i wouldn't worry about the interest or dividends, Just hold some money for her. And FYI, absolutely if her only income is SS, and you pay more than 1/2 of her support, claim her on your taxes, until she moves out. ( only worth $500) unless you are single, in which case Head of Household is a significant tax break. In this situation and at her age, I would not pay back the social security, unless she takes a regular full time job

The way she talks I see old patterns forming, buying this and spending on that. I think I may start charging rent and nudge her into something like this. Should I do this or yes, I am single claim her instead?

I’m hoping she can actually start working again after vaccine come out. Also, how old are seniors usually in these HUD‘s? I will look into being waitlisted as it was suggested quite a bit. Thank you so much for taking your time and suggesting this! Happy New Year everyone!!!!

Wyniia

 

[Wyniia]

My suggestion is Section VIII housing. If it's unavailable in your community, check out some of the small cities within close proximity of you. Sometimes DHS can make suggestions on what to do too.

Some cities, low income housing is dangerous and they're dumps. But in other towns, they can be quite adequate.

My mother in law was working at Taco Bell until she was in her 70's.

Thank you for the heads up, Can you please tell me what you mean by DHS. Happy New Year!!!!

 

[Wyniia]

I think that it is too late to invest some of her money and expect a meaningful amount of income to boost her social security. Realistically, that supplemental income will probably have to come from you, I'm sorry to say.

I'm in a similar situation with my mother. She retired with no savings and with a pension of ~1,400 euros per month. At least her home was paid for so her housing costs are relatively low (she still has to pay HOA fees, insurance, property taxes, etc...). She worked a few years as a nanny after retirement, making a few hundred euros a months to supplement her pension, but it still wasn't enough and I've had to help for the past 8 years. Now she's in her 70's and her health has worsened to the point where she can't continue working. So I expect that my contribution will increase in the coming years.

Sorry to hear that your mom’s not well. Where do you live and is there any help front he government? This is exactly what I worry about. And I already had a feeling I‘m going to have to help significantly.

 

[Wyniia]

OP, This ^^^ is probably the best option for your mother (assuming you intend to pay for all her expenses in the next 1 or more years). Unfortunately, it will involve returning some of the $ she has collected. Investing in bond/CD will yield roughly zero %, and the stock market is high and could drop (no one knows when). Delaying collecting SS should guarantee an increase that no other investment can surely deliver within the short investing period your mother has. Living in some countries (ex-US) could be another option for her given her income. A number of folks have done that successfully.

I spoke with her about this, honestly I also believe it to be the best option and for her to return to the workforce as soon as vaccines come out but she is against it. Golly, she’s soooo stubborn!

 

[Wyniia]

Gosh, thanks everyone! I tried to talk to her, she thinks I‘m micromanaging her life, lol! Tough love I guess! Think I read somewhere that Assisted Living was cruel for mom‘s, but I do think that everyone‘s situation is different. I travel most of my time for work so will not always be there for her. I don‘t think that my mom understands the gravity of her situation. I like having her around but it is simply not acceptable when she get‘s older that no one is there when she needs something. Or there is an emergency and I happen to be overseas. I will def consider the options laid out for me and look into many of these helpful comments! Thank you sooooo much!

 

[Wyniia]

It sounds like your mom is in a tough spot right now and fortunate to have you for support. If I were you, I would contact the local branch of the Council on Aging in your area for support. I've also included links for some other programs, too. And I would look at applying for housing assistance, as well as contacting our local Department of Workforce Services. My experience with these different resources has been very good. And don't forget, you can dial the national 211 number, too. And, for what it's worth, try not to get overwhelmed. You and your mom should be able to work things out, but take your time and understand everything will be a process. Good luck!

https://www.211.org/services/essential-needs

https://www.agingcare.com/articles/...n-access-for-their-elderly-parents-120513.htm

https://acl.gov/about-acl/administration-aging

https://www.ncoa.org/public-policy-action/federal-budget/

Thank you! Yes! I will get on that!!!