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Subject:  helping my mom retire Date:  1/28/2008  12:07 PM
Author:  scientista Number:  1215 of 1708

I'm a regular on the consumer debt board because I'm currently revitalizing my finances through debt repayment.
This may not be the appropriate board for this question but it seemed to be the best place.
I need help and advice on a serious matter. I'm 26 years old and have been financially independent of parents since age 18. I'm extremely worried about my mother's retirement situation. She will be 57 this year and I am afraid she has very little savings for retirement. Here is a brief synopsis of her financial history:

1. Until about 1990, she was married to my father and was a stay-at-home mom. She never attended college.
2. Parents divorce, mom quickly finds a minimum-wage job to support me and sister.
3. Mom works at same company for about 12 years, getting several promotions and raises. She has $XXXX saved in a 401K. At some point during this time, she gets into trouble with credit cards and writing hot checks. She is under constant financial pressure due to overspending and poor understanding of credit and savings.
4. In 2002, she suddenly quits her job for bogus reason (she was passed over for promotion and was angry one day and just resigned). She is not eligible for unemployment. She cashes out 401K and refuses to find employment for about six months. She waits until her cash runs out to find a new job.
5. In 2003, she gets low-wage job without benefits at a famous big-box store. She refuses to try to find a job using her previous experience, because she is just too bitter about the previous debacle at old job.
6. She gets a promotion and raise or two at current job, attains health