🔺 r/personalfinanceuR34L1TY_·74 days ago
Mother has virtually no savings at 50
Hello, Recently I have been perturbed as my mother (50) has practically no savings stored for retirement, which she is aiming for at 67. I have been extensively researching methods (IRA mainly) to support her, however I am worried about the future. She makes around $40,000 yearly as a single mother, and I am only 17, so while I could get a profession to supplement her own contributions, it wouldn't be much. We have talked these past few nights about a monthly contribution of around $200-$300 to an Roth IRA currently, and around a $500 monthly contribution following the settling of her car payment in 2 years. Based on what I've gathered, (which to be fair isn't much, as I've only taken up this perusing 3-4 nights ago) this isn't enough to retire comfortably? I know "comfortable living" is subjective between individuals, but I can't help but feel that this will be detrimental in the long run. We don't possess full ownership of any residence, but are currently in the process of procuring one, so she will have a house payment in the near future. Essentially, I am lost on what the next action should be. As asserted previously, I had planned to just have her pour monthly payments into Ro…