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Retirement Discussions / Retire Well on Less
|Subject: Re: Parents Nearing Retirement||Date: 9/3/2006 11:35 AM|
|Author: eatnbybears||Number: 974 of 1759|
What is the house worth and what is it's condition?
Great to say that they can live on $30,000, but a $3000 tax bill and $1500 for insurance throws 15% right out the window
Blow a furnace and there is another 15% a roof ... forget it.
Consider the house in 10 years, the cost of taxes, repairs .... and then what it's sales value is.
If the house could be sold and combined with the saving, there are 20 year notes going at 7% now ... that is another $30,000 a year to go with the SS.
How big is the house? Can they downsize into something that "you" would consider a "vacation" home. Look at the need for a down payment, and what the remaining monthly payment would be, against the $30,000 a year and offer to help out ... you can visit for vacation ... you will wind up with it sooner or later.
Just suggestions, I went through this with my mother.
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