My mom was widowed at 62 and is turning 92 in a few days. My parents were good savers but didn't invest in equity mutual funds for most of their lives. My dad retired at 62. My mom's SS is about $24,000 annually. My dad's union pension survivor choice was 50% or zero so they chose the 50%. My mom gets $9000 annually in pension with no COLA although the union sends her a holiday check that is sometimes as much as $700. She tells me her investments "pay her" $700 a month. She has mostly bond funds, some stock funds and CDs. After my dad died she did complain about taxes quite a bit. She has about $400,000 in savings/investments. She lives independently in her home that is valued at about $385,000. She has an LTCI policy She has paid on for decades. She pays $6000 annually for $150/day coverage for unlimited years. She wants for nothing really. My brother and I grocery shop for her. I do her laundry and help her take her bath but she doesn't really need much help. She buys dinner out for family, gives us all money at Christmas. She's never had a million dollars but has had plenty of money for her needs and wants. You can only save so much and plan for so many contingencies. When my dad was sick and dying of cancer he was very worried about my mom having enough money for the rest of her life. That was the thing that stressed him out the most.
TG
TG
Statistics: Posted by TheGiantess — Fri Aug 16, 2024 7:33 pm — Replies 27 — Views 1741