Ask Terry Questions Retiring, but need more income to help family members.

Retiring, but need more income to help family members.

By Terry Savage on September 11, 2015 | Financial Planning / Retirement

I have known you for quite a while via newspapers, radio and television so much so I feel I know you personally although we never met.

I am 73, a state of Illinois employee about to retire. My retirement income including social security and state pension would be a little over $5000 a month. I have no debt and a saving of about $100000. With 3 mentally challenged close family members, I need to generate at least another $2000 monthly in come to get by. Please advise. Thank you

Terry Says:  This is a tough situation to be in at age 73, as I’m sure you realize because that’s why you wrote.  If you only had yourself to think about (or yourself and a spouse), you’d probably be ok.   I don’t want to get into a public Q&A about the definition of “mentally challenged” people you feel the need to support.  But are you sure they don’t qualify for state benefits or other aid that would take some of this burden off your shoulders?

You know, when you get on a plane, they say “put your oxygen mask on first, before helping others” — Well, that applies to finances too!  If something happened to you, they would certainly have to find another way to exist.  It’s something to think about.

Other than that, your only choice is to find a part-time job — tough at your age — but it likely will be “piece work” — anything from driving or helping another senior, working part-time for one of the businesses that know you from your previous state job, or something completely outside your current field.  It won’t be easy — which is why I’m suggesting you take a closer look at the possibilities to get these family members to find their own way into the future.



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