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I work for a non-profit and am doing okay, retirement wise. I have a 63-year-old colleague who hasn't planned as well, or was incapable of planning as well. So what she has to look forward to in retirement is only Social Security benefits. She has always made a rather marginal salary, didn't know the facts of financial planning, cashed in a pension froma previous employer to educate her son, now has a mortgage on the house she inherited from her mother in order to pay off current debt.

I would like to help this lady, but being incapable of funding her retirement myself, I don't know what to suggest. I suppose the first thing she should do is contact the SS and find out what benefits she can expect. Other than that, I do know that employees of a non-profit can put about 16% of their salary into a tax-sheltered plan, which is what I do. She hasn't had the money to spare to do this.

It seems to me that her situation is pretty tough. Any suggestions as to how she can do better at her age?
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