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|Subject: Re: My Mom's Retirement||Date: 5/29/2004 9:38 AM|
|Author: 2old4bs||Number: 41111 of 77568|
She wants to relocate to Portland, OR to preprare for retirement.
I'm not familiar with Portland RE costs, but I doubt that she could buy anything for $73K there. Perhaps you could check out RE prices in Portland and discuss them with her to determine if she can afford to relocate. Does she still intend to work if she relocates, and pay a mortgage?
She wants to know what are some good short-term investments she can use until she's ready to buy another home and also so long term investments that will reward her even though she is in her late forties.
Safe short-term investments are paying notoriously low interest right now, and you haven't told us her time-frame for buying another home. RE is usually a good long-term investment (i.e. 20+ years), but prices on the West Coast have gotten extremely high, and as interest rates go up, it will be harder to afford mortgage payments.
If she wants to prepare for retirement, I agree with the other poster who said:
My biggest recommendation is convince your mom to start saving and start saving NOW. The longer she waits the tougher it will be. The link above should provide you with some suggestions. BOL
Unfortunately 21K is not a very large nest egg. If I were your mom I would work for as long as I could, reduce my expenses as low as I could, and start saving as much as I could toward retirement. I doubt whether she would be able to do this AND relocate to Portland, unless she intends to live with a friend/relative practically rent free. IMHO retirement saving should be her priority right now, not relocation.
I'd like to hear what your ideas are...
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