Q&A with a Reader
My 93-year-old mother lives with my wife and me at our condo which is in Florida.
I am a full-time employment consultant and Joan is a caregiver, plus helps me with my practice. We are positioning ourselves for retirement, once my mother passes on and no longer needs our care. We are in a good position from following key element of your and Billy’s advice and others. We have a nest-egg touching seven figures.
Our thought is to allow our nest-egg to continue to grow so we have something substantial to hand to our two daughters (and their families) rather than draw it down to a pittance when we are at our end.
In all the REL newsletters and articles, where can we review ideas and stories of other retirees that are income producers with the flexibility and freedom to travel?
Thanks for taking the time to write and to share your situation with us.
Here are a couple of recommendations for you if you are interested. By the way, congratulations on your upcoming retirement!!!
We have a page where we list interviews of Successful Retirees and Captivating Characters. You might find their individual stories inspiring, and it could give you some ideas.
You might also want to join any of the free online financial forums listed on our Financial Education Page. In this way you will be with like-minded people who are dealing with similar futures. And definitely take a look at our Preferred Links Pages — you might enjoy doing something like house sitting or home exchange which can definitely save you money on lodging while you travel the world comfortably.
Another suggestion is to perhaps set aside some money for each of your daughters and allow that to accrue over the years untouched. Then you can see the amount left that you might want to spend on yourselves during your retirement. You can always place your daughters as your TOD (transfer on death) beneficiaries so that the amount of money left when you pass on goes to them. I would assume each of you would have the other spouse be the primary TOD and the surviving spouse could place the daughters on as subsequent TOD beneficiaries.
I hope you find this information to be useful. I’m sorry about your mother… I know how much energy it takes to do End of Life Care…
The best to you both, and do keep in touch.