Author Topic: Help a 60-year-old professional prep for retirement  (Read 2785 times)

FITortoise

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Help a 60-year-old professional prep for retirement
« on: October 09, 2016, 05:48:21 AM »
Hi everyone, I have a family friend who doesn't use MMM forums and isn't well-versed in personal finance.

60-years-old, has a condo that's underwater (mortgage amount is small enough to just sell, take the loss, and walk away), a paid off car, a $30k retirement account, no other savings. Working a decent office job, and doesn't plan to retire for another 5 years or so. Low cost of living.

It's a bad situation in my opinion, but want to help her with recommendations for what-to-do in the next 5-10 years to prepare for retirement. What would you recommend?

TomTX

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Re: Help a 60-year-old professional prep for retirement
« Reply #1 on: October 09, 2016, 06:27:04 AM »
Use the MMM forums (and blog) and become well versed in personal finance.

erae

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Re: Help a 60-year-old professional prep for retirement
« Reply #2 on: October 09, 2016, 08:44:15 AM »
Hey Tortoise!

Check out the criteria for posting a case study - that will give folks on this forum the level of detail we need to help you chart a path forward. There are some wonderful minds on this forum, but they need all the puzzle pieces before they'll engage. You can even edit your original post here in the case study format so that you don't have to create a new thread.


ender

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Re: Help a 60-year-old professional prep for retirement
« Reply #3 on: October 09, 2016, 08:56:44 AM »
Biggest question is how much they spend. and what they make. do they have a pension?

Looks like they are going to be primarily living off social security if not.

LeRainDrop

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Re: Help a 60-year-old professional prep for retirement
« Reply #4 on: October 09, 2016, 10:15:58 AM »
Is she sure that her job is stable?  My dad got laid off at age 62 when he had plans to work 2-3 more years.  It became pretty much a disaster for him because he had not appropriately changed spending habits towards the tail of his career.  She needs to treat this situation like a total emergency because (1) it pretty much is and (2) if her job goes south, it will be even worse.

jim555

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Re: Help a 60-year-old professional prep for retirement
« Reply #5 on: October 09, 2016, 11:17:43 AM »
If you haven't prepared by age 60 it is too late.  I would tell her to keep working until she drops.

 

Wow, a phone plan for fifteen bucks!