So Chuck .. you are 56 and retired. You have 5K pension income for life. You have 400K cash, and presumably ZERO IRA or 401K. I consider that unlikely. Maybe you;re not counting that because in most cases you can;t touch that until 59.5 (there are cases when you can). And you dont mention if you are married or not. (wife same age ?) So your social security full retirement age is 67, and your age 62 reduction is 30%.
So you made a decent living if you have a $5k pension, but its not clear if you have a full 30 years of solid earnings. So let's estimate your FRA (pls enroll in SS online to get real number) is $ 2500 / month. 70% of that is $1750. So in 6 years you'll be getting that, plus your wife (if u have one) will get a spousal benefit - lets say 850 for easy rounding. Thats $ 2600 more in 6 years, or 7600 / mo or around $ 91K / year. Some people would kill for that - others not so much.
If literally, the 400K is it - you need yourself an emergency fund .. and a home improvement fund etc. Not knowing where youre moving from and how big of a house you lived in, I would not buy a patio villa. I would look for a 3/2 courtyard villa or a smaller designer at a price point around $250-275K - perhaps north of 466 in the Spanish springs area. maybe even w bond paid. A 100K 15yr mtg at 4.5% is 765/ mo. So if your total purchase price is 300K with closing etc, you pay cash and have 100K left, take a 100K mtg and have 200K left. or some portion thereof. None of my business.. but if it were me, and i was a healthy 56 with what you described, Id still be working. but im sure theres more to the story
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