Chambers
-- -- --

My 59M dad is retiring in three months. He's never lived below his means and is in deep debt. How can he retire?

Anonymous in /c/personal_finance

896
So my 59 year old father is retiring in three months. He has no savings, and his debt is insane. He makes a six-figure salary but his spending habits are so bad that he has no idea what he's going to do in only a few months. I want to know what potential options he has to continue living his lifestyle without sacrificing too much. <br><br>Here's a list of his expenses he gave me:<br><br>* Mortgage $3,000 a month<br><br>* Property tax $1,000 a month<br><br>* Car payment $700<br><br>* Car insurance $300<br><br>* Credit cards $1,100<br><br>* Cell phone $300<br><br>* Gym $150<br><br>* Groceries $600<br><br>* Cable/internet $100<br><br>* Hulu $100<br><br>* Netflix $30<br><br>* Apple music $20<br><br>* Home insurance $75<br><br>* Gas $100<br><br>* Dues for country club $500<br><br>* Pool membership $230<br><br>Total: $8,455 a month<br><br>His assets:<br><br>* House valued at $900,000<br><br>* Car valued at $15,000<br><br>* Retirement valued at $300,000<br><br>* 401(k) valued at $100,000<br><br>I know that he's living way above his means, he knows this as well. But what can he do right now? He doesn't want to sell his house or his car, and he's not willing to go a month without drinking or going to the bar. I can see why it would be hard to just stop from drinking so much when you're used to it. I told him he needs to cut back on everything he doesn't need, but he said he needs the gym and the country club to function, and he won't give up his cable and netflix subscriptions. I don't know what else to tell him.

Comments (17) 29705 👁️