- 8 years ago
- Wedding: January 2014
I am so frustrated with my mom.
My parents are divorced and have been since I was an infant. My mom never remarried. My entire life, my mom has been horrendous with money. She doesn’t have credit cards, thanks goodness, but she has never had a savings account, never saved toward retirement, borrowed money from family members when an emergency comes up, etc.
Fortunately, she’s a teacher, so she is guaranteed a lifetime pension once she retires. Or so I thought.
I found out today that not only is she not planning to enter an optional program that would have her work an extra 5 years for a HUGE increase in her retirement income, she’s planning to take her pension as a lump sum and SPEND IT. WTF.
Part of the reason that she wants to take her pension as a lump sum is to buy out my dad’s stake in her house. According to their divorce agreement, he still partially owns the house.
Well, my dad said today that if she enters the optional 5-year program, he would sign over his stake in the house. Considering as he would make tens of thousands of dollars, and he’s literally just offering to give that money to her, I think he’s being incredibly generous.
Unfortunately, my mom doesn’t care. She just wants to retire, take her lump sum, and spend it. She literally does not want to work an extra five years, so she’s pretty sure she’s going to turn down his offer.
I feel like I’m at my wit’s end! She is literally going to have NO money to live on after about 5 years based on her plans. She keeps saying that she’ll get another job at that point, but by then she’ll be 60! What is she going to do? And does she plan on working forever? She literally said today that if she can’t live off of her Social Security, she’ll just kill herself.
Does anyone have any experience with this? Any advice?!