OK, so this is a first-world problem, but I can’t seem to find a clear answer. My annual income is $210,000 per year and I’m 59. I plan on retiring in 1.5 to 3 years. This retirement will be retirement in name only since I plan on consulting about 20 hours a week. My wife and I want to move to Hawaii when I “retire” and I want to buy a house.
“‘My current net worth is around $6 million with the following breakdown: $2.3 million in retirement accounts, $500,000 in taxable accounts, and the rest in real estate.’” My preference is for you to use one or your rental properties to buy a house outright, and enjoy your retirement without a 15- or 30-year mortgage over your head, and/or take out the mortgage now with your W-2 and pay it off when you feel like you are nearing full-time retirement, and want to reduce your expenses. It will, of course, be more difficult to get a mortgage when you are working part-time, even with a hefty downpayment.
If you like what you do, it’s smart to keep working even part-time. Whether it’s for financial reasons or because people love what they do or simply want to stay busy, more than half of workers said they plan to continue working in their retirement, according to a survey released last month by the Transamerica Center for Retirement Studies. The US Bureau of Labor Statistics said that nearly 27% of Americans aged 65 to 74 were still working.
You can email The Moneyist with any financial and ethical questions at qfottrell@marketwatch.com, and follow Quentin Fottrell on X, the platform formerly known as Twitter.
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