Couples Financial Alignment of Goals
We have homes in Chicago & the FL Keys. Currently both retired and both homes paid off but the carrying costs on these 2 properties is ~$65K which includes property taxes and assessments of which neither are going down. The FL Keys property could easily produce income to cover the carrying costs of $42K per year but my better half absolutely refuses to rent this property but instead pay for it via retirement savings. It is a big financial issue between us and tearing us apart. Could u suggest any type of financial mediation that we could use because talking to each other directly on this topic has not worked very well.
Terry Says
Hmm, I see both sides of this story. That is, I would be unwilliing to rent my personal vacation home. But the real question is whether, if you don’t rent it out, you will run out of money in retirement!!
And that depends on your overall financial picture. So what you really need is an appointment with a fee-only FIDUCIARY financial advisor you can trust. Fortunately, I know just how you should go about finding that person!
Read this: https://www.terrysavage.com/pam-krueger-wealthramp/
You can trust Pam to match you with a carefully vetted advisor who can give you real, practical answers to this issue.
PS Please write back and let me know what happens, or I’ll always be wondering how you resolved this!!
