My stepfather recently passed away. He and my mother were each receiving Social Security, and he had two pensions that were fully paid out during his lifetime. This leaves my mother with about 50% of her original income. She is left with savings and investments with a value of about $150,000.
Eventually, my mother is set to inherit my grandmother’s house where she currently lives and pays monthly rent to my grandmother of $2,500, but I am uncertain when that will happen (possibly in about five years or longer, depending on my grandmother’s health).
My mother’s only income is equal to her housing expenses, so she will need to rely on her…