Hello, my name is Shari from Western PA. I am looking to retire in three (3) years. My partner of 26 years and I are basically debt free. The house is paid for, we do not have any credit cards, and our vehicles are payment free. Our earlier planning was tossed out the window six years ago when we took custody of our now six year old grand-daughter. What began as a temporary arrangement is now a permanent addition to our family. I am looking for advice/solutions in two areas, building a savings account and managing retirement on a meager social security income.
I work part-time and my 401k is less than 5k due to emergency withdrawals . My partner has an IRA but will receive less SS than I. Almost all the savings we might have made with the earned income credit from our grand-daughter has been used for legal fees regarding custody issues. I have managed to start a 'small college fund for her, but have no personal savings of my own.
My partner deposits what he can save into his IRA. We split household expenses and I coupon constantly to save money but have not been very successful at cutting back on spending for grandchildren. We have 7 other grandchildren together and I have two more of my own for a total of 10. Any and all advice welcomed.