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DH (who is 66) and I are selling our home. Wondering how to best use what we have to put together a good new life.

Our Soc. Sec. and pension income is $23K, and due to health and other issues, our income fluctuates, so we make 10-40k over
that, depending on the year.

We will have over 500k cash after home sale. Sounds like a lot (imagine
having no $ and winning lotto for 500K, how your options would suddenly
expand!) but nowadays that can get eaten up just with buying a house.
(though we know we don't want to spend it all on housing!!)

Wondering if the creative minds here might be happy to play with this and
lay out their favorite scenario
as to what they'd do if the above was suddenly their financial picture? Rent/buy? How much to spend on housing in either rent or buy? How to manage the cash for best return.

There are so many ways to put one's life together...




Do you have any savings other than what's in the house (you didn't say)?
Where is the 10K to 40K income over your pensions and SS coming from (you didn't say)?

Renting is a great option for those who don't mind living close to other people (in apartments) or not being able to change things to your own liking and having to mow the lawn (if you find a house to rent).

Frankly, there are lots of people in this area of the country that live in "manufactured" homes. :) I would certainly consider it for myself once we sell this house -- if we are ever able to sell this house ... IF the market ever comes back for housing.

But, as you have probably already figured out, that 500K is NOT like winning the lottery because now you are still faced with the problem of where to live. Unless you plan to pitch a tent under a bridge somewhere, that's going to cost money.

Also, you need to figure out WHERE you want to live -- you have a million choices. That would be my biggest puzzle. When the choices are so many, how do you make one? Of course most people (foolishly, in my opinion) choose to live near their children -- only to find later that the children get jobs in other areas and move away. Much better to find a spot YOU like and let the kids come visit you. :)

Best of luck with everything, though.
Sounds like you are excited at the prospect of the whole adventure.
And - do take care of your health if you can!

AM
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