I have just started in my path towards ER. My husband is 36, myself 33. I plan to do my 20 and retire from the Army, but we are saving like I won't be getting retirement just in case. We plan on ERing in 15-20 years.
I know eventually my mom will be relying on us for support financially and may move in with us. She has only100k in her 401K, and with SS and pension she will be getting about $3500 month. She is 56 now and plans to retire in the next 2-3 years. I am assuming that her husband (who is 62) will die first. The $3500 includes 60% of his pension when he dies. No healthcare, no longterm care insurance.
My question: what are some strategies for retirement planning when you expect to take care of an elderly parent? Other than save save save!
Thanks for the wisdom!
I know eventually my mom will be relying on us for support financially and may move in with us. She has only100k in her 401K, and with SS and pension she will be getting about $3500 month. She is 56 now and plans to retire in the next 2-3 years. I am assuming that her husband (who is 62) will die first. The $3500 includes 60% of his pension when he dies. No healthcare, no longterm care insurance.
My question: what are some strategies for retirement planning when you expect to take care of an elderly parent? Other than save save save!
Thanks for the wisdom!