Im in my 60s and have almost a million dollars

I’m in my 60s and have almost a million dollars. My house is paid off. I would like to move, but I’m afraid of the high prices elsewhere: “Will I be able to cope?”

Dear MarketWatch,

I’m in my early 60s and have a paid-off house valued at under $200,000 in a Rust Belt city that I’d like to move out of. On the bright side, I have $950,000 saved in taxable accounts invested with an investment firm. The company has a good balance sheet and acts as a trustee. I receive a small maintenance allowance and will continue to receive it for the next eight years. I’m trying to live solely on support so I can invest my money in the hope that it will grow – even if it seems like it’s going nowhere right now.

I can take out discounted health insurance through the state marketplace. I have no children. I’m worried about my finances, especially when I see property prices in desirable areas where I have relatives nearby. For many years I worked in a job that required high educational requirements and low wages (I know, I know…it seemed to make sense at the time). I only get about $20,000 a year from Social Security. I’m keeping my costs down – no cable isn’t a problem – but I’d like to travel sometime. Any advice for me?

Thank you very much,

Will I be okay?

See: We are in our 60s, have almost $3 million and want to buy a new home. Do we use our savings or take out a mortgage?

Dear Reader,

It sounds like you’ve found the right path, so it’s really just a matter of crunching the numbers and finding something that fits your budget.

Trying to rely solely on maintenance to allow the rest of your money to grow is a fantastic strategy. Of course, what would help even more is if you continued to deposit into this account or another type of account. You didn’t mention whether you’re already retired, but if so, could you take up employment, even part-time, to increase your savings? This could help you with your ultimate goals.

It’s completely natural to be nervous when moving to a new place, but the move itself should be possible as long as you’re flexible. If your goal is to live closer to your family members, first consider how much closer you want to be. For example, do you want to be within a five block radius? Or a 30 minute drive? The wider your net, the more options you have and the more opportunities to find an affordable home.

It’s not just about the price of the house, although this can vary from block to block. Each city or neighborhood may have different expenses, such as: B. Taxes, contributions from the owners’ association, living expenses, etc.

I know you’re worried about finances – and that’s completely justified – but what you really need is a financial plan. You’re in a great situation because your house is paid off, you have manageable spending habits, and you’ve saved so much money. If you create a solid financial plan, especially with the help of a qualified financial planner, you can certainly make the move a success.

With this plan, you should definitely give yourself an extra cushion, such as an extra-large emergency savings account, so that you don’t have to rely too heavily on your investments in the event of unforeseen expenses. And when you’re looking for an apartment, you should also make a list of every possible expense you can think of. Ask your loved ones who live in these communities to help you make this list.

See also: “I’ll work until I die”: I’m 74, have little money saved and am struggling with medical problems. “I want to retire so I can have a few years to enjoy life.”

Be especially careful when thinking about the house in which you will live. If it is a house, how old are the roof and boiler? How much do you pay for snow removal or lawn care? And if it’s a co-op or condominium, how often and by how much can maintenance fees increase? Does the board frequently discuss appraisal fees for construction projects and how are they managed on a monthly basis?

Also think about whether there are the type of doctors and medical facilities you currently need or may need nearby, and whether they have a network. And what options for entertainment and staying active are there and how much do they cost – things like a community center, a fitness club, a swimming pool, a golf course, etc.

It sounds like what you really need is a plan that takes into account all the money you have coming in and going out – that is, a rough budget that you can stick to each month and that takes into account how much it costs everything could be a strong fluid reserve just in case. With all that said, you may not be quite as nervous. I wish you the best!

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