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|Subject: Re: My Mom's Retirement||Date: 5/29/2004 2:16 PM|
|Author: Matt1344||Number: 41112 of 77568|
"She told me she could walk away with $21K in her pocket after closing. She wants to relocate to Portland, OR to preprare for retirement."
You might like to go to www.realtor.com and check on the price of housing in the Portland area.
Sorry to say but $21K on the west coast doesn't go very far. In fact if she is moving furniture etc that would cost a good chunk of the money, if not then she has to budget for furnishing the house.
Without a doubt your mom needs to save all she can NOW! I own my home in Silicon Valley and have no debt... Social Security is not enough to live on and it will probably be even less by the time she needs it.. right in the middle of the baby boomers drawing on the system. Benefits may shrink...
ING http://www.ingdirect.com/osa_work/ offers 2% on savings, you might check that out for a short term place for her money, some posters on another board recommended them. I haven't done business with ING.. so can't say from personal experience.
Read all you can on the MF sites. Fool School is one you can start with http://www.fool.com/school.htm?ref=G02A06
God bless, Ken
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