From Dow Jones & Company:

A 72-year-old woman with $3 million in assets is worried about her future living situation. She plans to have two apartments, at a cost of $30,000 each, and wants to spend time with her son and future grandchildren. She’s unsure whether she can afford this plan.

Financial planning and income versus liabilities are key considerations. The possibility of owning one home and renting another is explored, along with equity versus flexibility. The woman has been advised to start tracking costs and to consider other potential expenses such as healthcare, groceries, and travel.

Overall, the woman has been encouraged to have open conversations with her son so she can make informed decisions about her future living arrangements. Additionally, the funds she has in IRAs and in cash must be properly accounted for when planning for the financial considerations of having two homes.



Read more: I’m 72, have $3 million in savings, and want to live with my son when he’s married with children. Can I afford two apartments?