I’m 52, single with no youngsters and solely $190,000 in 401(ok) belongings. ‘I don’t want to die alone and forgotten in my home.’ What ought to I do?

Despite all this…I personal a house in location (close to purchasing and midway respectable faculties) at the moment valued at $275,000 and is paid off. My automobile and scholar loans are additionally paid off. My bank cards are paid off month-to-month. My whole 401K holdings are solely about $190,000, and at the moment my revenue is about $40,000. 

I’m searching for a better-paying job. I put virtually the max right into a Roth and 10% (with a 6% match plus profit-sharing) into a daily 401K. I’ve an emergency fund that ought to final two years if all the pieces goes sideways.

The previous seven years my portfolio has misplaced almost $15,000, and I’ve even modified brokers. I’m not a very aggressive investor, and am dismayed on the pretty fixed losses. I even acquired a monetary adviser however the losses haven’t stopped. I began placing cash into CDs and T-bills by myself to staunch the bleeding (4.5 and 5% APR, respectively).

I’ve a incapacity underneath the ADA however not extreme sufficient to qualify for SSDI. That mentioned, I don’t suppose I can work for much longer. I’m hoping to buy a smaller home within the woods not removed from my present home and hire the present one out — present fee reads about $2,000/month — even when I maintain solely $700/month, I can dwell on that from my a few years residing underneath or simply above the poverty line.

My concern is that I’ve no household and no one to maintain me ought to I want it. I don’t need to die alone and forgotten in my house, or uncared for in a nursing house the place no one cares about something however the cash. I can’t afford long-term-care insurance coverage, and I’m unsure what else to do to organize for this. I do dwell in an space with a bunch of associates (we’ve been associates for almost 30 years, there’s about 100 of us between japanese PA and NJ) and we’re beginning to look out for one another now that we’re all in our 50s and 60s, however I’m one of many youngest — I’ll most likely outlive most of them, so can’t depend on that community. What ought to I do?

Thank you.

A Worried Cuppa Jo in SE PA.

See: We have $2 million for retirement and need to spend each single greenback earlier than we die

Dear Worried Cuppa Jo, 

I’m so sorry to see you so nervous about this. It’s a really professional and customary concern, so know first that you just definitely aren’t alone in enthusiastic about this. 

Although you say you “only” have $190,000 in retirement financial savings, you do sound such as you’re very on prime of your funds, and that’s a formidable accomplishment. Having no debt and paying your payments with a totally owned house are all great duties to test off earlier than retirement. In this letter, I’ll focus extra on what you are able to do to be comfy together with your considerations about residing alone as an alternative of speaking concerning the funds. 

Read: ‘There’s plenty of lonely folks on the market.’ Is loneliness killing you?

For starters, look your long-term plans straight on. It’s difficult, aggravating and generally uncomfortable, however getting a transparent, agency deal with on what you need to your outdated age and potential well being wants is vital, whether or not you’re single or have a partner and 10 youngsters. Your community of associates may most likely even allow you to plan this out, since they’re all most likely enthusiastic about their very own conditions — and if not, you’re serving to them out by beginning the dialogue. If you’re dedicated to residing in your space, what amenities can be found to you and would you be capable to afford them? 

If not, what do the facilities which can be reasonably priced (akin to with Medicaid) appear to be? You talked about worrisome circumstances at locations that don’t care “about anything but the money” — are there any locations that don’t make that listing that you just’d prefer to study extra about? One possibility is to listing the entire amenities out and analysis them. Look at their web sites, test critiques, make some cellphone calls. You might not want these locations for a really very long time (at which level, there may very well be new locations that pop up) — and it’s possible you’ll not want them in any respect — however for those who discover a place or two you want, it’s possible you’ll be much less confused about probably shifting to a facility like that at some point.

Also see: I’m 54 and the first earner however ‘professionally, I am exhausted’ — we’ve $2.18 million however what about healthcare?

This subsequent thought may appear utterly on the market however folks actually do it — not simply Rose, Blanche, Dorothy and Sophia from “The Golden Girls.” Some associates are selecting to room with each other of their outdated age. With a community as expansive as yours, this may be one thing just a few associates of yours may be taken with at some point. You can’t know for certain what is going to occur sooner or later based mostly on age. Even in case you are the youngest, a few of your older associates may very properly dwell alongside you all through your aged years. 

If you’re nervous about being alone, an alternative choice is to make extra associates nearer to your personal age, akin to via group facilities and occasions or volunteer work. Even for those who don’t find yourself residing collectively underneath one roof, having a community nearer in age and distance may make you’re feeling extra comfy about being alone in your house and older years. You’ll know that somebody shouldn’t be too far to return test on you, or be a companion to you, and that in and of itself is a comforting thought. 

Readers: Do you’ve gotten options for this reader? Add them within the feedback under.

Have a query about your personal retirement financial savings? Email us at HelpMeRetire@marketwatch.com