On the "Afford Anything" podcast, hosted by Paula Pant and featuring former financial planner Joe Saul-Sehy, a listener shared her heart-wrenching situation regarding retirement, even shedding a few tears as she sought urgent pension advice. The caller, whom the host nicknamed Betty, recounted how she had been made redundant at 60. Betty voiced her concerns about securing new employment and became visibly upset as she disclosed that her son's death from cancer less than two years prior had "changed everything".
Yet, there was a silver lining: her earlier decision to cash out her workplace pension when she was a single mother had resulted in a significant asset. She detailed: "I own outright a triplex, I live in the smallest unit and rent out the other two units as vacation properties. I generate from that about $30,000 (£23,000) per year net.
.. I used my 401K funds as a downpayment when I purchased my triplex.
It was a really great opportunity for me as a single mom really struggling to support the kids during a really bad economy where we lived in particular." Betty, who recently left the workforce, expressed concerns about her retirement prospects, citing "no real pile of money" with just $50,000 (£39,000) in her 401K (pension) and $150,000 (£118,000) in cash. She also noted that she doesn't expect much from social security when she turns 67.
The podcast's host, Paula, offered her sympathies to Betty, who was tearful over her "tough, tough situation" following a difficul.