My household situation is not as rare as it may seem. My wonderful 91 year-old mother lives with me, a very patient daughter-in-law, and four grandchildren. While God has blessed her with great health and vitality, I’m not sure that living with her son would have been her dream several decades ago when she was in the workforce.
According to the MetLife Mature Market Institute, there are over 10 million adult children taking care of their aging parents. Still others are contributing to assisted living care, which averages about $3,500 per month.
While having my mother with us is an incredible blessing, many senior parents would choose, if financially able, to be on their own. Indeed, the financial fall-out of the past five years has robbed many seniors of a healthy retirement nest egg and resulted in very limited choices for the years that were to have been “golden”.
At NuView IRA, our clients think every day about their view of retirement and what choices they need to make to achieve their dream of retirement. Unlike others, they not only think and dream, they act. We have clients that lend their IRA to investors secured by recorded mortgages, with note rates ranging from 6-15% and more. These types of investments are particularly attractive to seniors who may need to live on the interest earned.
Through joint ventures, a rollover IRA holder can partner with a real-estate rehabber to purchase a wholesale property, fix it up, and put a renter in the home, with all the net proceeds due to the IRA deposited tax-free.
Fact is, the choices with a self-directed IRA are considerable, and the potential returns may be far more attractive than what is offered by the stock market. So do your homework, make good choices, and plan for a retirement that will allow plenty of visits to your relatives – but not force you to move in!
