Submitted by youserabyouser t3_10jn4l6 in personalfinance
My mom is 76 and mainly survives on social security. She has a part time job that pays a little, but she won’t be able to work much longer. The only other retirement she has is just $8115 saved in an old employer’s 401k. What is the max monthly distribution you would recommend to stretch her 401k the longest amount of time?
Edit:
She MIGHT have $1000 in a savings account. But nothing else. She gets about $10K in additional "farm money" every year and that's it. She has had this 401k money sitting for a little while and she wanted to withdraw it all, but I told her to set up a distribution instead. I'm just not sure how much to set it up for to try and balance her age with also getting some needed income. Her only debt is a credit card she uses for gas and pays off every month. House is paid off and car is paid off.
The worry comes with health/dental issues that will only get worse in time.