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If your kids won’t help, take these financial steps

 
By Malcolm Berko    Comment on this article Leave a comment
Published: October 19, 2008

Dear Mr. Berko: I am a 76-years-young woman and, over the last 15 years, have given nearly $600,000 to my children who needed this money at various times in their lives. Now I too need more money. My current income of $26,000 a year comes from three sources: an independent retirement account and an individual account, both at Dean Witter, that together total $275,000 and pay me $16,000 a year; and Social Security, which pays $10,000 annually. I have a condominium that’s easily worth $270,000 but has a $90,000 mortgage.

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