How do you pay for it all?
Today’s blog asks the question: how do you pay for it all? A friend of mine recently found herself in an awkward situation:
She’s divorced, her ex does not pay any child support, her mother was ill and elderly, she is nearing retirement age herself, and her son is preparing to enter high school and is discussing colleges he might like to attend. So, how is she to pay for all of her son’s expenses, a nursing home for her demented mother, prepare for her own retirement, and pay for at least four years of college?
As it turned out, her mother died unexpectedly a couple of weeks ago and she found out that her son is doing so well in middle school that he will be taking all honors classes in high school. This will increase the likelihood that he will be able to get a scholarship, especially since he is also gifted at sailing and one of the colleges he is considering offers sailing scholarships. She may need to keep working longer than she originally thought but she is making plans for her future financial security.
What things have you been doing as a newly-single person to shore up your elderly years? If you haven’t given it much thought, you should.