My in-laws just turned 60 and while they are still working, I found out that they have no savings, save a $20,000 IRA and about $200K of equity in their house. Every penny of what they earn now goes more or less to paying the mortgage on their house.
I asked them what their plan is, and they told me that they plan to work as long as they possibly can, that is, until they are medically unable. Thereafter, they plan to live in some kind of senior community / assisted living facility.
Is this even possible, given their assets, however limited they are? Of course, they would have no income, but by then, I would think that they would have to be disqualified from everything else.
In addition, what kind of quality of life could they really anticipate on SS as their sole source of income alone?
Any insight would be appreciated.