/biz/ - Business & Finance

She can't still make it if she goes all-in WTC

She's fine if she lives in a first world country

If she's American then there's no hope

>>10728621
We live in Canada. She owns her own home.

I'm hoping with a combo of that and CPP she will be able to survive. I'm splitting the house into two suites and living with my family in one and her in the other, then we can split property taxes and maintenance.

>>10728591
She’ll have SS and Medicare

What the fuck... even if she lives up to 90, she'll have more than 100k per decade. Is this a LARP?

>>10728712
Anon... I live in Canada not cambodia.

>>10728712
>10k per year
>Enough to support an elderly person who likely has tons of medical issues that they have to pay for on top of normal living expenses
You're a funny guy anon.

>>10728591
My parents don't have shit lmao
My siblings and I are their retirement plan

>>10728591
Since you said you live in Canada so she gets tons of help with healthcare and such and also that she owns her own house then she shouldn't need to be bailed out.
350k Should last her a good 20-25 years considering all of that. Depending how long she lives you MIGHT need to put some cash towards supporting her in the last 5 or so years of her life though.

>>10728771
Well if I have to I'm willing, I do love my mother and she raised me well. I'm just starting to plan my own retirement and want to know the outflow.

I'll budget off 100k in todays dollars for her end of life and call it a day. Hopefully she doesn't have to sell the house.

>>10728591
>tfw my mother has fucking nothing
>in fact she has tons of student debts from going to uni
>constantly wastes her money on shit she doesn't need
>Is approaching 60 years old

My only hope is that she stays independent and works until she dies suddenly of a stroke or heart attack (horrible as that sounds, I would rather she lived to the age of 90 in perfect heath then just suddenly died because I really can't afford to spend 30 years of my life supporting her because she was irresponsible).

>>10728790
is she leaving you the house after she passes?
just saying that it's in your interest that she keeps it. She's probably mentally attached to it too, it'll be best to help her stay there, for her and for you.
Even if you didn't love her, there's financial incentive to help her.

>>10728861
Yeah she will be giving it to me, and as a primary residence it will be tax free.

I'm pretty attached to it too honestly.

>>10728861
>Even if you didn't love her, there's financial incentive to help her.
Classic /biz/

>>10728873
Hey I'm just pointing it out. My parents got nothing but I still don't intend on leaving them without food or a roof.

>>10728870
Just pointing out if the house is worth, for example, 300k, there's no logical reason for you to not assist your mother with up to 300k worth.

Never thought about the amount of money you'll have to save for living a decent life after retiring. rofl.

Love living in Denmark, 350k would be more than enough. Haha

>>10728748
in my country most elderly lives from about 2.5-4k per year.

>>10728832
>student debts at 60.

Your generation needs to protest for your right to include student debts into bankruptcy at the very least.

At this point every middle class citizen and lower is getting into debt based slavery. Not how a democracy can function.

>>10729108
((()))

>>10728913
enjoy 100% income tax in 15 years to pay for all of their retirements and massive pensions retard lmao

>>10729108
At least my dad got his shit together and owns a house so I won't have to worry about him.
Also my mother's student debts are entirely her own fault, she went back to uni for the last 5 years despite not being able to afford it because she wants to be a psychologist. Hopefully she manages to get a job as one or otherwise she'll never pay these debts (as in, she literally avoids earning enough to have to pay for them and never looks at how much they are so she can pretend they don't exist until they become someone else's problem because she died or something).

I love my mother but she's extremely irresponsible with money.

>>10728637
>her own home
>I'm splitting the house into two suites and living with my family in one
you deserve to die you pathetic shit

>>10729116
>I cannot accept responsibility so I blame the jeeeews
no i did not read what ever else is in this thread

>>10730179
this op needs to commit seppuku immediately

>>10729183
>I love my mother but she's extremely irresponsible with money.

Every woman is. Sounds like your parents are seperated, yes? This is what happens when a woman is left to her own devices. Every fucking time m8.

>>10730424
>Sounds like your parents are seperated, yes?
insight, kek

You’re in Canada, so i’d assume that her healthcare and social insurance should be provided by the government, which is a big help. If she owns her own house, she should be able to survive on $17.5k per year until the age of 90. Housing and healthcare are usually the two biggest expenses for the elderly and here they’re taken care of. You need to count her home towards her retirement and realize that, if it comes to it, a reverse mortgage or selling the house is a strategy that’s available to you—even better (financially) would be to move her in with you and rent the home out for extra income or just move in with her and live rent-free. They can’t really go anywhere or spend much money otherwise once they get frail. And that’s if she actually lives to 90. My mom had a stroke at work just after turning 55 and died just over a year later. Her care and funeral expenses bankrupted me.

>>10730179
>>10730215
>oi vey, you stupid goyim! Don't move in to care for your own elders! Everyone must spend their dollars renting one of our properties! When she grows old and infirm you need to send her to a (((care facility!)))
I look forward to chipping in to pay the gas bill.

>>10730577
you are pathetic

>>10728591
Nah, she will live tops to 100.

That's 350 / 30 = 11k a year , can she live of that (if she already paid off her home).

How much is the home worth? Possible to downscale and get 200k extra?

>>10731099
Inflation m8

Send her to Mazatlán Mexico, not even kidding. Good care, nice views, plenty of fellow expats retiring under the sun.

kys

>>10728712
-Medical costs
-Rising inflation
-Upgrade costs (car, home, clothing etc)
-Rising food costs

Think long term

>>10731099
It's really gonna come down to if she has any outstanding debts.
But I think if she is a homebody, and doesn't really have many expensive hobbies, or medical issues, then it will be okay.

>>10730179
Confused how this is an issue.

>>10728591
no, 350k cash + value of home + CPP + OAS + GIS. comfy as fuck.

worst case scenario the government will find her a place to live and feed her.

>>10730577
this but unironically. family units are supposed to stick together on land and live as their own community.

>>10732557
Yeah whatever guy, preach your empty ideological crap to someone else. Maybe you say that because your family all get along.
Guess what faggot, not everyone has the type of parents that they would even WANT to spend their time with. I lived with my mother for 20 years before I moved out, it was unbearable because she was a domineering, controlling, lazy, emotionally manipulative bitch who made me do everything for her while she lazed around in bed all day watching TV. She pushed away every single one of her relatives with this selfish 'my way or no way' attitude, my dad, her siblings, extended family and eventually that even included me.

Not every family member is someone you want to fucking live with, some people are just fucking assholes even if you're unlucky enough to be related to them.

>>10732645

Preach. Same situation.

Living with your mom past childhood is just an oedipal nightmare.

>>10732645
If your family is a shitshow then obviously you are not obligated to live with them, but if you can make it work it seems desirable. It depends on your situation and I wouldn't judge one way or the other. My dad can go fuck himself but my mom cared for me when I was younger and generally did her best to not fuck up our relationship, so I would be happy to take care of her and if she wants to move in on my family's financial situation I would be okay with supporting her at the very least.

>>10728591
You’ll be fine if you put her money in Conventment

my parents spent their retirement money on vacations and gambling. i wonder if they know that i'm not going to bail them out.

>>10732926
>>10732926
I asked my dad how much the dividends are inside his 401k and he doesn't know

>erasing penises from 6 months worth charts because potential employer want see past work

>>10733066
most people wouldn't know that answer, that's not a big deal.

>>10733159
most people want to retire before they die, but don't know fuck all about how much of a scam things like 401Ks are
he told me he took a loan from himself (out of his 401K) and had to pay interest on it

>>10733200
How is a 401k a scam. . ? You can take a loan against your 401k but you are paying the interest to yourself.

Dude. Just start pimping her out. Shes 70, poor, and has a moron for a kid. What reputation/pride does she have to loose? Theres no lost dignity for her in letting some lumberjack with a gilf fetish bang around in her intestines 3 times a week. Quit being a pussy.

>>10728591
She can live like a queen anywhere outside of US.

>>10733200
he paid the interest back to himself, just fyi. that's how those loans work. his company probably provides some sort of contribution match as well.

>>10728748
Anywhere outside of US $10K is enough for 3 years worth of medication, therapy and checks. In she gets a stroke or something, and needs surgery, I can see that draining $100K tops. We're talking about few months in intensive care and complex surgeries.

>>10733200
lol poor cryptofag detected

>>10732645
>>10732687
Just because you have insufferable family doesn't mean everyone else does too, there's literally zero reason to not have a multi-generational home that saves you a lot of money for investments and such over giving your income to land lords.

>>10733595
Pajeet or chink?

>>10728892
>spend 300k on her because she can’t into retirement savings
>last second: you’re out of the will OP, you kids need to learn to buy your own houses and support yourselves
A boomer is a boomer.

>>10733067
Erase yourself dumb kneeposter

>>10729183
Don't pay her debts when she eventually passes away. You'll probably get phone calls from scummy debt collectors trying to pressure you into becoming responsible for them, don't even give them a response just hang up the phone until they stop calling. You aren't legally responsible for your parent's debt, but you can be if you agree to it while you're grieving and not in the right frame of mind.

>>10733644
Normal human being lmao
So many damaged fucks on this site it’s no wonder we all end up here

>>10728591
Retire at 70? First off, I feel sorry she has to work that long. Second off, there’s an extremely high chance she won’t make it til 80, so yes she can live a modest life with that and social security.

>>10734614
>dodges the question
Hello fellow white person sir. Buy chainlink.

>>10733231
>>10733268
>>10733378
that's all money that is penalized at a huge rate if he take it out before he's legally allowed to die (retire)
that means if the market goes bust before he does, then he's fucked because he won't have enough to retire (even if he sees it coming and withdraws it all with the deduction)

>>10728591
What about a pension and medical insurance?

>>10730179
>splitting a home with multiple generations is bad
(((something))) seems off about this post

>>10735498
there's actually an IRS rule called 72t that will let you withdraw early without penalty. Also, 401k accounts typically have offerings of target retirement accounts with reduce your risk as you reach closer to your target retirement age. Also, please stop coming off like a know-it-all, you're better than that.

>>10728591
move her somewhere cheap
plenty of places in North America where you can live easily off ~$15k-20k/year (even paying like $800/mo rent or mortgage). Park the money in a low risk ETF that pays 5%+/year and it'll generate $17.5k which is more than enough for a frugal elderly person in low-cost housing

>>10732810
This

>>10736092
>>10728637

you must be a young child? she owns her house outright (so no mortgage/rent) and lives in Canada (no medical bills) and you're wondering if $350k will last her?

Yes, absolutely. What will her monthly expenses even be? utility bills, groceries, and maybe transport costs (ie: bus pass, or if she owns a car/drives then gas, insurance) and that's really it. Even if she had that $350k under a mattress gaining $0 interest, I doubt her expenses would exceed $1000/month so she'd be set for like 29 years or until the ripe old age of 99

>>10728591

>retirement

>>10730881

>>10728591
350K and a free and clear home? Lord does she spend a bunch of cash at the Casino? If not, she should be able to make it on that no problem.

Take 5k and invest in Link, she will be riding high in a year or two.

Boomers here will get SS when they retire but we're all fucked, it will be spent on Gibs long before we can get it

>>10737570
I'm really unsure about the future, we really should have built a sovereign wealth fund like norway.

Don't worry bro my mom only has 90k and is retiring in 5-10 years

I literally have to make it for us to succeed

>>10728832
It sounds like we have the same mother. Mine is still paying off the $10k loan she took out for nursing school in the mid 90s. I think she's already paid back $20k and still has further to go.

It's pretty much a given that me and my siblings will have to fund our parents due to Nigerian culture. The assets between them (everything including 401k and house) isn't more than $250k.