I am not up to this task.
My parents are in their 70s, and I just learned that they are not prepared for the retirement that they started two years ago. My father sold the family business for what I estimate to be $200K to $300K. Of that, $90K is left. They have $250K in mutual funds and owe $280K on their house. They get $3,600 per month from Social Security.This info has sent me reeling and I’m trying to figure things out for them.
We can bridge the spending gap in two ways: bringing in more money and reducing expenses. Since you mentioned your parents are not physically able to clean out their home to sell it, they may not be able to work. “Could your parents sell things on eBay? Or could they partner with someone who will do the work of selling their ‘20-plus years of stuff’ for a percentage of the sales?” Kathy asks. Maybe, by decluttering their home now, at their own pace, your parents could earn extra cash.
High HOA fees are not uncommon—as a matter of fact, some HOA fees are higher than the owner’s actual mortgage payment. Depending on where you buy your next home, you still might be on the hook for HOA fees, but at least you know this time what you’re getting into.
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