harllee
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For the first time my SIL (husband's sister) has asked us for advice. I am shocked and concerned about her financial situation. She is divorced, no children, age 62 and we are her only living family. She has worked most of her life as a legal secretary (she is an excellent typist) but was laid off 6 months ago (we don't know the circumstances of the lay off). Her unemployment and severance has ended. She says she has diligently tried to find jobs (secretarial and otherwise) and has had quite a few interviews but has not gotten an offer. Evidently the market for good typists has dried up because of technology (everyone types for themselves or uses voice software).
Specifically SIL asked our advice about starting SS at 62. We then asked about her finances and were dismayed to find out they were very bad. She has no pension, IRA, 401k or other retirement account (when we asked why not she said she just never put anything in!!!). She has the proceeds from the sale of a house she and her ex husband owned (not sure of exact amount, maybe around $100,000). Evidently in the divorce a couple of years ago she gave up all rights to her husband's retirement and other assets in exchange for the house proceeds.
She spends way over her means--expensive apartment, expensive leased car (one time my DH had advised her that leasing a car was a bad idea but she did it anyway), expensive dog. We "think" she has health insurance through the ACA but she was a little vague in this. She claims she can live on $30,000 a year but we don't see how unless she drastically cuts expenses.
The only money she has coming in is from some typing/transcription she does at home (around $6000/year). She says she is trying to increase this business but there is not much demand for typists these days.
We have advised her that she needs to get a job, any kind of job and if at all possible delay taking SS so that it would increase over the years. On SS she would get around $1,300/month at age 62 and of course more if she delays. We have also told her if she does take SS now she can only make around $17,000 year in wages in order to not have her SS reduced. We asked about her ex husband's SS (they were married 20 years) but she says he does not get SS since he was a U.S. Post Office employee. Does anyone know if this is correct?
We have advises her to cut expenses, delay SS, and FIND A JOB. She asked us for advice about finding a job. It has been along time since we had to find a job, any suggestions that we can give her about job hunting? I know she looks at various job sites online and makes online applications. Since she is an excellent typist/transcriptionist and already has a few typing clients is there anyway she can increase this business? how could this be advertised? She thinks her age is working against her in finding a job, this is probably true.
Any advice you could give us to pass onto SIL would be appreciated. She is a sweet, nice person, she just doesn't seem to have a lot of common sense when it comes to finances.
Thanks!
Specifically SIL asked our advice about starting SS at 62. We then asked about her finances and were dismayed to find out they were very bad. She has no pension, IRA, 401k or other retirement account (when we asked why not she said she just never put anything in!!!). She has the proceeds from the sale of a house she and her ex husband owned (not sure of exact amount, maybe around $100,000). Evidently in the divorce a couple of years ago she gave up all rights to her husband's retirement and other assets in exchange for the house proceeds.
She spends way over her means--expensive apartment, expensive leased car (one time my DH had advised her that leasing a car was a bad idea but she did it anyway), expensive dog. We "think" she has health insurance through the ACA but she was a little vague in this. She claims she can live on $30,000 a year but we don't see how unless she drastically cuts expenses.
The only money she has coming in is from some typing/transcription she does at home (around $6000/year). She says she is trying to increase this business but there is not much demand for typists these days.
We have advised her that she needs to get a job, any kind of job and if at all possible delay taking SS so that it would increase over the years. On SS she would get around $1,300/month at age 62 and of course more if she delays. We have also told her if she does take SS now she can only make around $17,000 year in wages in order to not have her SS reduced. We asked about her ex husband's SS (they were married 20 years) but she says he does not get SS since he was a U.S. Post Office employee. Does anyone know if this is correct?
We have advises her to cut expenses, delay SS, and FIND A JOB. She asked us for advice about finding a job. It has been along time since we had to find a job, any suggestions that we can give her about job hunting? I know she looks at various job sites online and makes online applications. Since she is an excellent typist/transcriptionist and already has a few typing clients is there anyway she can increase this business? how could this be advertised? She thinks her age is working against her in finding a job, this is probably true.
Any advice you could give us to pass onto SIL would be appreciated. She is a sweet, nice person, she just doesn't seem to have a lot of common sense when it comes to finances.
Thanks!