My retired parents live on $2,400 a month and still owe $100k on their home - should they sell and move somewhere cheaper?

A Reddit user raised concerns over his retired parents living solely on $2,400 monthly Social Security benefits without savings. His father's disability settlement supported them until now, while his mother's small daycare income is insufficient. With a $500,000 home and an outstanding $100,000 mortgage, their financial stability is at risk. The Redditor proposes selling their home to reduce expenses, especially given their $1,500 mortgage payment and $300 car payment. Consulting a financial advisor could help explore options for a more sustainable retirement income and budget.

The parents will likely need to cash in their home equity and relocate to a lower cost of living area.

Their situation isn't sustainable, and the poster thinks they should sell the house and move somewhere cheaper.

With a $1,500 per month mortgage payment and a $300 per month car payment, the Redditor's parents are obviously not in a very good financial position.

Ultimately, the parents will end up retiring with around $2,400 per month in Social Security benefits and no other savings.

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