Quote:
Originally Posted by AMB444
No real estate so need to pay mortgage.
Let's say this person is not yet 65.
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There are places in the US that can be cheap to live in that are nice in their own way. If you were debt free (no mortgage, etc.), healthy with no family history of illnesses, planned on living a simple lifestyle, maybe.... I'm over 65 so I have Medicare, but my wife is under 65 and her crappy insurance via ACA is $1000/mo. If you both need insurance, that's $2k/mo assuming you never get sick, injured, or need meds. With $1M, if you follow the 4% rule, you can take $40,000/yr and of that, $24k/yr is going to health insurance, leaving you $16k to live off (food, gas, cars, homeowner insurance, etc.) plus whatever you get from Social Security. HOWEVER, you aren't at full retirement age so your SS payments will take a hit. You still have a mortgage, so, IMO the writing is on the wall, and you need to keep working, pay off debt, SAVE and not waste money, until you're both at least 65. Ideally, pay off the mortgage unless you plan on selling the house and downsizing or otherwise moving into housing that can be paid off with the equity in your current house. Most banks offer you free retirement planning, as well as other investment PROFESSIONALs, so use it.