Posted on 10/05/2001 11:02:39 PM PDT by B4Ranch
If you were 53 years old and hadn't worked in 25 years, then your husband died, what would you do.
I have a dear friend whose husband is significantly older than she is. He is 71 and in good health. The cost of life insurance for her husband is more than they can afford. Consequently, he does not have any. Her previous employment was in the fashion industry as a model. She has lifetime healthcare insurance from this employment.
Her income would be 70% of his Social Security, $1200 a month. His retirement payments stop upon his death. This is frightening, isn't it.
Currently, they live in a nice home with nice furniture and own one recently manufactured car.
Her eyesight will not allow her to drive on the Freeways or on heavily trafficked streets. She has a very pleasant, cheerful personality and is well spoken. She would be great as a secretary, except driving to and from work would be dangerous for her.
What type of education should she get to pursue work from her home earning $3000 a month? Is this possible. Do large companies hire employees to work from home. I am thinking of steady work not contract employment.
Problem I see is her inability to drive. LO's do a ton of driving to various real estate offices, customer's offices, etc., to get the paperwork completed. That also requires lots of sales calls to realtors. It also requires math aptitude, ie. figuring interest rates, types of loans offered and which is best for the buyer. It's tricky. And it's very demanding for a beginner. Not sure how the commissions are figured.
Loan processors are the "secretaries" to the loan officer. The processor can make or break a LO. Very stressful, very demanding work - mortgage business. That's why it pays more than other fields. Hope this helps...
The link might at least set a direction to go in.
Sometimes, you can volunteer at a place and work into a job opening that way.........but, of course the transportation problem has to be solved.
Right, I was thinking the same thing! If she and her husband have been in their current home for even a relatively short period of time, depending on where they live, they might have quite a bundle of equity built up. Housing values have shot up remarkably high in the last couple of years. I know that my wife and I were pleasantly surprised recently to find out that we suddenly have equity almost equal to what we originally paid for our house, almost entirely because of the increase in property values and not because of us slogging away paying down the mortgage over the last decade. Find out. Sell the house. Get a mobile home or a less expensive house in an area where property values are depressed. Roll the rest of the equity into T-bills, say, and let the yearly interest earned on that supplement (only supplement, don't spend it!) her social security income and any other odd-job income she can manage to bring in.
We can wait...........patience seems to be abundant these days.
First, consider moving into a smaller house or a condo. This would reduce the mortgage payment, as well as reducing annual maintenance costs. If they already own their current house, then moving into a smaller house would generate some cash which could be invested into stocks or bonds.
Secondly, and perhaps more importantly, is to reduce spending. Going from $3000 a month to $1200 a month is a big change, and it's easier to go gradually. Additionally, money saved while her husband is still alive could go to increasing this monthly amount.
If she wants a monthly income substantially above $1200, and closer to $3000, the only viable option I can see is to seek employment in one of the ways others have suggested here.
I know a little bit about this, living around many seniors who face the same problems.
#1- DON'T PANIC!
#2- Being a wife and keeping an organized home requires skills that are useful in the workplace. Many bosses know this and are even looking for seniors who tend to be more reliable than many of their younger co-workers. If your friend needs some support from others re-entering the workplace, there are groups in most communities to offer advice, etc. If she can afford to wait a few months for a first paycheck, volunteering often turns into an offer for a paid position and will give her the confidence and opportunity to learn new skills. My parents both volunteered for two senior groups, both became paid employees.
#3-Has your friend checked into the value of collectibles she has probably picked up over the years? If she decides to sell a good piece, make sure she checks current values and goes with an experienced auction house or dealer. Many seemingly cheap or unexceptional items are in demand today.
#4- IF it eventually makes practical sense to move, there are many lower-cost communities for seniors available here in Florida. We are actively seeking non-Democrats. (^:
#5- It is possible to live well on less. We seldom eat out, but we eat well. I am an official cheap gourmet.
#6- If your friends attend church, ask fellow parishioners. They'll not only pray for them, but most are truly eager to help in times of trouble. Hugs.
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