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Hello everybody,
I’m right here at the moment with a query relating to my inlaw’s retirement scenario.
For some background, my spouse and I are early 30s and have one baby. We make about $250k/yr.
My mother and father are mid 60s, not wealthy, however are snug and each retired with sufficient cash to final them the remainder of their lives simply.
My spouse’s mother and father have at all times struggled with funds. FIL is older, mid 70s, MIL is early 60s. FIL is retired and MIL began working full time a couple of years in the past.
They’ve $75k in whole between all accounts. FIL collects social safety and MIL makes about $45k/yr. They personal thier home, however thr taxes are pushing $12k/yr. They put little or no to no cash away every month. She went again to high school and has about $10k in pupil loans.
Realistically, FIL is just not wholesome and won’t dwell to be very previous. MIL has knowledgeable us that she plans to retire in 8 years at 70.
I don’t see this as attainable with out her transferring in with us. We don’t get alongside and I’m attempting to keep away from this.
Her plan is to retire at 70 and solely dwell off social safety. Since she has not began working full time till lately and she or he doesn’t make a lot, I can’t think about she’s going to obtain a lot from SS. She can have her 40 quarters.
The saving grace is that their home is price upwards of $475k. The difficulty is that the common 2 mattress 1 tub home round us is $600k and hire for a studio is $2k+.
Any attainable manner you see this figuring out in a scenario the place she will not want to maneuver in with us, or us needing to help her upon retirement?
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