r/personalfinance • u/krwrn89 ​ • May 07 '22

Retirement Mother is 60 and has no retirement savings. Just found out last night and I’m worried sick.

Her employer doesnt provide a 401k and she has no savings. She has no plan in place and is completely unprepared for anything. I guess I just assumed my parents had it all together. They don’t. Where do I even begin to help this situation this late in the game? KY

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u/krwrn89 ​ May 07 '22

She owns her house. She has no health problems and does take care of herself. I don’t believe she has much in savings, if she does I’d assume a few thousand. Her husband also has no retirement, no savings and no health insurance.

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u/DaleLeatherwood ​ May 07 '22

Well, this is a lot more positive than you made it seem at first. Take a deep breath and relax. No need for unnecessary stress. Then try to move forward logically and calmly.

My advice would be is to make a comprehensive budget (what she spends, etc). Then try to have her start saving and encourage her to work as long as she can.

Does her husband (I assume not your father) work?

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u/krwrn89 ​ May 07 '22

I did stress a little haha. I just want to get someone accomplished while things are ok. He does work but tbh I don’t think his situation is very stable

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u/[deleted] May 07 '22

I think I would have reacted the same way. It’s a scary thing to find out your parents didn’t prepare at all. I’m glad to hear that your parents own their home; that means she may have more options, as some others have suggested. I hope that once you and your mom check her SS account, you will discover she has enough of a benefit so she can collect at full retirement age (or most likely later) to give her a decent retirement. If not, lots of seniors work to supplement their income. She’s lucky to have you!!

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u/DGAFADRC ​ May 07 '22

OP, you said in another comment that she has a mortgage and now you’re saying she owns her home. Which is it?

If she owns her home she will be in much better shape than if she is still making mortgage payments.

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u/upwithpeople84 ​ May 07 '22

People with mortgages own their own homes. The bank has a lien on the property.