52 years old
Make $90000yr
No debt
320k savings
Cars paid off.
If I retire today, I'll get 4400 monthly from pension.
I honestly despise my job and want to retire. If I work another 5 years I'll net 7000 monthly from pension.
Thinking about purchasing a home that I would eventually like to move into that brings in 2200 month from current tenant. Their lease expires in November.
Has a nice garage and yard- I like working on cars for a hobby and extra income
Home is 230k
Property Taxes 9k yearly 44118 zip
I could pay in cash. Owner/estate will pay for all issues brought up in inspection.
Currently living with fiance. Same age. Makes 78k. Rents.
Would it make more sense to: buy a condo for less, continue splitting rent with fiance- least expensive, buy a house with rental potential, move abroad and maximize pension?
Use savings or not to use savings…..
byu/enigmaroboto inpersonalfinance
Posted by enigmaroboto
2 Comments
Lots of variables here. I think buying the house if you’re gonna live in it makes sense. I can’t evaluate it as an investment though you seem like a handy guy who could manage it OK. Still wouldn’t put all your cash into that bucket. Do you have any retirement assets? Will you be eligible for SSA or nah? Really comes down to your goals and how you want to retire.
320k is all you’ve saved in your career? Why hasn’t it been invested?