Here's a thought.[Topic is now in Personal Finance (Not Investing). Thank you to the member who reported it and explained what was wrong. mod mkc]
I am debating two different scenarios for my upcoming retirement, which will hopefully be at age 55.
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Option 1: Retire in the area that I grew up in and still have extended family and friends that live there
Option 2: Purchase property in an area that my wife and I enjoy vacationing/hiking/visiting 3-5 hours away from family/friends
Additional info:
-No children, extended family only and friends
-Option 1 would require only the cost to build the house budgeting $500k
-Option 2 would require the purchase of property and build a house budgeting up to $1.5M
-SWR of 2% planned at retirement exclusive of pension and Social Security
-Budgeted $ for Option 1 or Option 2 is not included in SWR calculations so it would be an extra $1M lowering SWR to 1.67% exclusive of pension and SS
For those who have retired, which choice did you make, and would you choose the same thing again if you could do it over?
Those who haven't retired yet, which are you planning or what would you do?
You don't have children. It sounds like your SWR is low. Why not both options? Have a house in both locations. That way you can spend time both around friends and family AND have a place for hiking. Then at some point in your life when you no longer are able to hike, sell the "option 2" property and live full time with your support system in close proximity.
It seems like you have the money to do this. Why not enjoy the fruits of your labor as there is no prizes for being the richest corpse in the cemetery!
Statistics: Posted by humblecoder — Thu Oct 17, 2024 10:14 pm — Replies 29 — Views 2042
