Helping aging parents navigate retirement challenges

[Derek Epperson]

This may seem like an unusual question for this community but I'm sure many of you have or are experiencing a similar situation.  I have one parent who has retired and the other a few years away and are quickly finding out the "nest egg" isn't going to be nearly enough during their golden years.  They are the perfect example of working hard all their lives, saving what they could, and hoping what they saved will carry them through (philosophy of the 'poor dad' if you will).

I have a few thoughts, but this is a savvy, intelligent forum of investors with a variety of specialty areas so I would love to hear some creative ideas of how they could generate some additional income throughout their retirement years.  Not looking to create a real estate empire, just some cash flow to help them feel secure.  

Thanks!

[Theresa Harris]

@Derek Epperson  You are right in that it is a balance between income and work, but if the 12 unit apt has been well maintained, then it shouldn't be a lot of work.  Just make sure they save enough for maintenance and repairs.  My mom just gets her govt pension (in Canada that's about $1200-1500 a month).  She bought a place and rents out the top floor and it works well.