Quote:
Originally Posted by Chuck1674
My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.
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When you find a home update your costs as the Villages are in three different counties and can also have city taxes. One county does not allow bonds. You will owe the bond and it will not be in the price of your home.
Inflation is a big problem. Assuming you live to about 95 and inflation is 2% per year you will need twice the amount of money you need when you retire. Thus your might have to save part of your retirement income to cover inflation.
Be sure you figure out health costs.
I would not retire if you need a mortgage. Work longer and save more money,