We only have $100K. What happens to people like us?

I have to read how many millions everyone has. We have, maybe, $100,000 in the bank. I am terrified that I will be homeless when my husband stops working. He is 76 years old and I am retired. Our house is great, but there is a lot wrong with it. We still have a mortgage and I’m scared. Moving will be very expensive and we have nowhere to go and we have four dogs.

Where is the help for people like us?

Life on the Edge

Don’t miss: ‘I could have been kept in poverty’: Take a $70K job at 74 and lose my Section 8 housing allowance?

Keep doing what you’re 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 is frustrating that someone with millions of dollars writes in this column, looking for advice perhaps on how to make a retirement while minimizing his income taxes. So not all problems are created equal, and not everyone starts on the same level.

You face critical questions: What if your husband can’t work? What if the house needs major repair? Explore property tax relief for seniors, offered through a multitude of programs at the state and local levels. Look into the Temple Assistance Program and the Low Income Home Energy Assistance Program. Since your home is your main asset, think about reverse mortgage advice, if only to familiarize yourself with the matter. There are also pet-friendly senior living communities and subsidized housing programs.

There are other organizations, at the county level, that can provide counseling and assistance for people like yourself who don’t qualify for Medicaid, for example, but still have modest assets. You can find your local Area Agency for the Elderly using the Eldercare Locator. In addition, the Housing Advisory Services Department can advise you on your mortgage and retirement projections for free or often at low cost. They can help you navigate your financial situation, as well as put into place some actions you can take for “what if?” scenarios.

Read: We are in our sixties. Should I collect Social Security now to help my wife? What if I die before her?

If you’ve owned your home long enough — more than 10 years — chances are it’s increased in value enough to make it worth your while to downsize at some point. Families appreciate good bones (solid structure) and space (to raise children) even if the property is in need of renovation, and you can probably make some money by moving to a smaller apartment that is easier to manage. I’m not suggesting you do it right away, but it’s an option I wouldn’t fully discount. Renting a room may be another option in the future.

A comfortable retirement is made from small victories, one decision at a time. CD and high yield savings account rates hover around 4.2%, still keeping pace with inflation running at around 3% per 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 doesn’t change.

At your age — since 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 with. That $100,000, while modest, is better than $10,000. Financial insecurity is not a competitive sport, but you are not the only one who is taking it every day as it comes. That said, keeping $100,000 in a checking account isn’t keeping up with inflation, so you should at least get that.

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 rich in ways that many million dollar people 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’re running your own race, and you’ve probably cut your cloth to suit your needs. “No matter how much money you save for retirement, it will only go as far as your lifestyle allows,” the Northwestern Mutual report said. “Think about what you want from retirement and talk to 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.”

In your 70s, financial advisors 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 age and the fact that it represents 100% of your net worth outside of your home, would be extremely high risk. But your $100,000 can give you comfort. “At the beginning of each year, make sure you have enough cash available to supplement your regular annual income from annuities, pensions, Social Security, rent.[s] and other regular income,” says Charles Schwab SCHW.

Are you in a strong financial position? Not necessarily. Could things be worse? Absolutely. You have an income and a roof over your head. Some people are living in very cramped spaces. A member of the Moneyist Facebook group wrote about your predicament: “I lived in a 600 square foot studio apartment in New York during my working life and that was considered big. If I were as worried about finances as you are, I would move into a one-bedroom apartment or condo and hold an estate sale to raise cash. Unfortunately, there is no chivalry.”

Another member of the Moneyist Facebook group says he wants your savings level: “I’m disabled and, while we’re older, we have a 12-year-old with a disability. We fed 40 people on Thanksgiving, not because we could afford it but because most wouldn’t eat otherwise. We have less than $30 mortgaged, and I’m 2 years old, in our bank account. ‘heating, ventilation and air conditioning or a roof will give I am a military veteran who was forgotten in the bank puts you far ahead of most Americans.

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 am a senior citizen barely living on $1,300 a month. No way I can live on $1,000.

Previous columns by Quentin Fottrell:

‘I’m more and more 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 am 55 years old, earn $78,000 and have no children. My mother gave me $10,000. What should I do?

I am 54, and married with 5 children. I have $20,000 in debt and $20,000 in mutual funds. I just inherited $10,000. How do we invest?