Parents are attempting to retire without sufficient savings, reliant solely on Social Security income of about $2,400 a month. The father has a background of continuous work since immigrating but lacks formal education and a retirement plan. The mother, operating an in-home daycare, also generated minimal income. The Redditor discovered their parents’ bleak financial status upon growing older. Their house, valued at roughly $500,000, may provide some financial relief after addressing the existing second mortgage, potentially leaving $400,000.
The parents receive approximately $2,400 a month from Social Security, which is insufficient for living expenses as they are in their early 60s and have no other income.
The father immigrated to the US as a child, worked without formal education, and did not receive a retirement package after 35 years with a farming company.
The Redditor realized the profound impact of their parents' financial situation only after coming of age, recognizing their parents lived paycheck to paycheck with no savings.
The family home, purchased in 1985, is valued at about $500,000 but has a second mortgage, leaving an estimate of $400,000 after payoff.
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