By Quentin Fottrell
'I'm sick of reading how many millions everyone has'
&#34;Our house is big, but there is a lot wrong with it.&#34; (Photo subjects are models.)
Dear Quentin,
I'm sick of reading how many millions everyone has. We have, maybe, $100,000 in the bank. I'm terrified I'll be homeless when my husband stops working. He's 76 and I'm retired. Our house is big, but there is a lot wrong with it. We still have a mortgage and it makes me scared. Moving will cost a lot and we have nowhere to go and have four dogs.
Where is help for people like us?
Living on the Edge
You can email The Moneyist with any financial and ethical questions at qfottrell@marketwatch.com, and follow Quentin Fottrell on X, the platform formerly known as Twitter.
Don't miss: 'I've been kept in poverty': Do I take a $70K job at 74 and lose my Section 8 housing allowance?
If you have relatively good health in your 70s, you are wealthy in ways that many people with millions of dollars can only dream about.
Dear Living,
Keep doing what you are doing: Pay your mortgage and balance the books.
There are no easy solutions. Not everyone is born on third base with the advantages of someone with family wealth and/or the means to pursue education and a high-paying career. No two paths are the same, and no two people are the same either. Yes, it's frustrating that someone with millions of dollars writes to this column, seeking advice perhaps about how to make withdrawals while minimizing their income taxes. So not all problems are created equally, and not everyone starts on an equal footing.
You do face critical questions: What happens if your husband can't work? What happens if the house needs a major repair? Explore property-tax relief for seniors, offered through a myriad of programs at the state and local levels. Look into the Weatherization Assistance Program and Low Income Home Energy Assistance Program. As your home is your major asset, think about reverse-mortgage counseling, if only to familiarize yourself with the issue. There are also pet-friendly senior-living communities and subsidized housing programs.
Financial insecurity is not a competitive sport, but you're not the only ones who are taking every day as it comes.
There are other organizations, at county level, that can provide advice and assistance for people such as yourself who don't qualify for Medicaid, for instance, but still have modest assets. You can find your local Area Agency on Aging via the Eldercare Locator. In addition, the Department of Housing Counseling Services can advise you on your mortgage and retirement projections for free or often at a low cost. They can help you navigate your financial situation, as well as put in place some actions you can take for your &#34;what if?&#34; scenarios.
Read: We're in our 60s. Should I collect Social Security now to help my wife? What if I die before her?
If you've been in your house long enough - more than 10 years - chances are that it has increased enough in value to make it worth your while to downsize at some point. Families value good bones (solid structure) and space (to raise kids) even if the property is in need of renovating, and you could probably make some money on moving to a smaller apartment that would be easier to manage. I'm not suggesting you do this right away, but it's an option that I would not fully discount. Renting a room could be another option in the future.
Capital preservation
A comfortable retirement is made of small victories, one decision at a time. CD and high-yield savings account rates hover at around 4.2%, still keeping a step ahead of inflation that is running at roughly 3% a year. High-yield savings accounts are more liquid, and withdrawals are limited to half a dozen per month. With CDs, you are committing to a set period. Rates can also change with high-yield savings accounts - even after you deposit your money -  based on the Federal Reserve's benchmark rate. When you buy a CD, the rate does not change.
At your age - given that American women, on average, tend to live into their early 80s, while men typically live into their mid-70s - your goal is to preserve your capital, particularly if you don't have a lot of money to play around with. That $100,000, while modest, is better than $10,000. Financial insecurity is not a competitive sport, but you're not the only ones who are taking every day as it comes. That said, keeping $100,000 in a checking account is not keeping up with inflation, so you should at the very least achieve that.
A comfortable retirement is made of small victories, one decision at a time.
One golden nugget seems implied by your husband and the fact that he is still working at 76: the state of your health. If you have relatively good health in your 70s, you are wealthy in ways that many people with millions of dollars can only dream about. You can compare and despair with retirees who have multiples of what you have, or you can also make peace with the fact that you are not necessarily outliers. The average amount of retirement savings for 70-year-olds is $114,000, according to this Northwestern Mutual report released last year.
You are running your own race, and have likely cut your cloth according to your needs. &#34;No matter how much money you save for retirement, it'll only go as far as your lifestyle allows,&#34; the Northwestern Mutual report said. &#34;Think about what you want from retirement and talk with your spouse or partner if you have one. Analyze whether your current savings rate can realistically support that vision, based on conservative assumptions about risk and future returns. If not, you may need to tweak your savings strategy or compromise to adjust your expectations.&#34;
Conservative mix
In your 70s, financial advisers suggest a moderately conservative investment mix - typically, 40% stocks, 50% bonds and 10% cash. Investing that $100,000 in the stock market now, given your ages and the fact that this represents 100% of your net worth outside of your home, would be extremely high risk. But your $100,000 may give you comfort. &#34;At the start of every year, make sure you have enough cash on hand to supplement your regular annual income from annuities, pensions, Social Security, rental[s] and other regular income,&#34; Charles Schwab (SCHW) says.
Are you in a strong financial position? Not necessarily. Could things be worse? Absolutely. You have income and a roof over your head. Some people are living in very cramped spaces. As one Moneyist Facebook group member wrote about your plight: &#34;I lived in a 600-square-foot studio apartment in New York during my working life and that was considered large. If I were as worried about finances as you, I'd move to a one-bedroom apartment or condo and have an estate sale to raise cash. Unfortunately, there's no cavalry.&#34;
Another Moneyist Facebook group member says they would like your level of savings: &#34;I am disabled and, while we are older, we have a disabled 12-year-old. We fed 40 people on Thanksgiving, not because we could afford it but because most wouldn't have eaten otherwise. We have less than $30 in the bank, a mortgage, and I am terrified our 26-year-old heating, ventilation and air-conditioning system or roof is going to give out. I am a military veteran that has been forgotten. $100,000 in the bank puts you way ahead of most Americans. I am happy you have this cushion.&#34;
Food for thought. Your stamina has gotten you this far. I feel sure you can make it the rest of the way.
Don't miss: I'm a senior who barely survives on $1,300 a month. No way could I live on $1,000.
Check out the Moneyist private Facebook group, where members help answer life's thorniest money issues. Post your questions, or weigh in on the latest Moneyist columns.
Previous columns by Quentin Fottrell:
'I am increasingly resentful': My husband of 10 years has $1 million and cars worth $200K. Why won't he give me money?
'This feels like an opportunity': I'm 55, earn $78,000 and have no kids. My mother gave me $10,000. What should I do?
I'm 54, and married with 5 kids. I have $20,000 in debt and $20,000 in mutual funds. I just inherited $10,000. How do I invest it?
By emailing your questions to the Moneyist or posting your dilemmas on the Moneyist Facebook group, you agree to have them published anonymously on MarketWatch.
-Quentin Fottrell
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12-21-25 1237ET

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<p>The article addresses financial insecurity faced by a retired couple with $100,000 savings and a mortgage. It suggests exploring property-tax relief, reverse-mortgage counseling, and senior-living communities. The couple is advised to preserve capital, consider downsizing, and utilize high-yield savings accounts. The piece emphasizes that financial insecurity is common and offers resources for assistance.</p>

'I'm terrified I'll be homeless when my husband, 76, stops working': We only have $100K. What happens to people like us?