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Old 11-24-2022, 09:33 AM   #41
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All hope is not lost but your friend needs a plan. The only real concern I have is her desire to retire in 7 years. I dont think that is a realistic goal for her given her situation.

The first thing I would do if I was her would be to develop a plan. Id look hard at my expenses and try and find any ways to reduce them or eliminate wasteful spending.

Id also look for any way to jumpstart her savings. Can she downsize her living space, relocate, or take on a roommate to save money? What about trading in her vehicle for something less expensive? Even a little bit of money created by selling unnecessary items etc could be a big boost to her savings.

She needs a savings plan. Id set a $10,000/year goal but the more she saves the better. She should also investigate any financial assistance programs she might qualify for to see if that can help her save even more money.

Id also have her check her estimated benefits for SS if she hasnt already. That will give her an idea of the cash flow she will have based on when she starts taking SS.

Id shoot for retirement between 65-70 if I was her. She can grow a good amount of savings in 10-15 years but it will take discipline and hard work. Good luck to her!
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Old Today, 09:42 AM   #42
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Quote:
Originally Posted by Jeffman52 View Post
I absolutely agree with the above.



She needs a budget that she sticks to like her life depended on it.


She needs to prioritize saving for retirement. Pick some good funds with a long track record and just stay with it. There is no magic stock that she is going to overnight get rich on. She should not get deluded into thinking there is some risky stock that is going to make up that gap. It will only make things worse.



Much as I like the idea of someone retiring as soon as possible, the situation tells me 7 years is probably not enough and if she is healthy enough, she will need to consider working until 65 or maybe 70 and NOT taking SS until then. You might not open with that information... if you can lead her to see it for herself that will be helpful.
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