This couple spent a ‘small fortune’ on their troubled son, but they also own a home worth $1.4 million.
My husband is 65 and a lawyer and partner in his firm with a thriving practice; I am 59 years old. We have three children , and I was fortunate to be a stay-at-home mom. I now work part time, which is essentially just “play” money. Although I’m college-educated, I never had a career outside of the home.
The pluses are that my husband is healthy, fit, and energetic and has an excellent law practice. Assuming he remains in good health, he can work for many more years and plans to do just that. We own a home that will be paid for in 7 years, and at this time is worth around $1.4 million. If we sold it tomorrow, we could net a million dollars in equity. Our city is rapidly growing and homes prices have become very high, so it would be difficult to find a home for less than $750,000 .
The silver lining here is that you’ve got a high income and a ton of equity in your home. You have options even though it may not feel like it right now. Here’s how several experts think you should proceed going forward. “Pay off your credit card debt as soon as possible. The less debt you carry, the more spendable income you’ll have in retirement—period,” explains Kimberly Foss, founder of Empyrion Wealth Management in Roseville, Calif.
Then, he adds, consider maxing out any tax-advantaged accounts you have access to, such as an HSA, or potentially funding what’s called a backdoor Roth IRA. “The rules around backdoor Roth IRAs are a little tricky if they have outside IRAs, so they’ll want to do their homework before pursuing that strategy. If they are able to fund their employer plans and other tax advantaged accounts, they should fund a joint investment account and invest in a tax-efficient portfolio,” he adds.
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