I'm not certain whether this post belongs in FIRE and Money. If it doesn't, would a moderator please move it to the correct area?
Retirement has been moved up about ten years due to my dad's health issues. We have an offer on our home in NY (we go into contract tomorrow) and have found the home in TX (we go into contract next week) so things have moved very rapidly this month. All the home listing/property listing/home purchasing began four weeks ago!
Step 1: We've decided to take a mortgage out on the TX home. That means that we have to finagle the closing dates for both houses so that we close on the TX home before I resign from my job and have to close on the NY home at least two weeks after closing on the TX home. It's doable, but it's going to create more stress for me as timing has to be perfect. The buyers of our NY home want to be here as quickly as possible since they needed this address to register their kids for school. They currently live about 45 minutes away, so a commute for school days is difficult. I feel bad that now I need to intentionally drag my feet on this closing because my employer has to NOT know I intend to resign while I buy the TX house. (OK. Yes, I have a reasonable story built for them.) I have the financing for the TX home lined up, but I have to be employed the day we close on that home.
Step 2: While we're going to be a bit tighter than we wanted to be financially, DH plans to work for a few more years assuming he can find a job. He's already begun applying. Running FIRECalc and I-Orp, we should be OK, just tighter than we wanted. Having said that, we'll have between $150K and $200K to invest from the proceeds of our NY house sale. I plan on investing that in 75% Wellington and 25% Wellesley. Any thoughts, input, questions on the allocation?
Step 3: I have to keep our "income" at least as $25K per year to qualify for ACA. I've been reading, but not really absorbing, rules, requirements, regulations, etc. Do Roth conversions count as income in this matter? I admit my head is about to burst as I thought I had a lot more time to do all this research and everything is moving faster than I could ever dreamt.
Step 4: We are moving my parents into our home in order to help take care of my disabled father. The obvious things (walk-in shower, handicapped toilet, hand rails in the bathroom, tacking down rugs, etc.) are pretty easy for us to think about. What are we NOT thinking about when dealing with someone who is blind and has limited mobility? The hallways of the TX home are wide enough for us to get a wheel chair down them, it is a single story home, and there is no carpet in the house. We may have to put in wider entry doors, but my DH will be measuring while he's down there next week to see. Anything else we need to think about and/or look at? Mom insists on paying us rent, so we plan to "charge" them about 1/2 of what they currently pay for rent and utilities plus have her pick up some of the grocery bill each month. Do we need a written agreement for this?
Is there anything else I am not thinking about? This has all happened so fast that I know I'm missing some key points and would truly appreciate any input/questions/thoughts on what we are doing.
Thank you all in advance!
Retirement has been moved up about ten years due to my dad's health issues. We have an offer on our home in NY (we go into contract tomorrow) and have found the home in TX (we go into contract next week) so things have moved very rapidly this month. All the home listing/property listing/home purchasing began four weeks ago!
Step 1: We've decided to take a mortgage out on the TX home. That means that we have to finagle the closing dates for both houses so that we close on the TX home before I resign from my job and have to close on the NY home at least two weeks after closing on the TX home. It's doable, but it's going to create more stress for me as timing has to be perfect. The buyers of our NY home want to be here as quickly as possible since they needed this address to register their kids for school. They currently live about 45 minutes away, so a commute for school days is difficult. I feel bad that now I need to intentionally drag my feet on this closing because my employer has to NOT know I intend to resign while I buy the TX house. (OK. Yes, I have a reasonable story built for them.) I have the financing for the TX home lined up, but I have to be employed the day we close on that home.
Step 2: While we're going to be a bit tighter than we wanted to be financially, DH plans to work for a few more years assuming he can find a job. He's already begun applying. Running FIRECalc and I-Orp, we should be OK, just tighter than we wanted. Having said that, we'll have between $150K and $200K to invest from the proceeds of our NY house sale. I plan on investing that in 75% Wellington and 25% Wellesley. Any thoughts, input, questions on the allocation?
Step 3: I have to keep our "income" at least as $25K per year to qualify for ACA. I've been reading, but not really absorbing, rules, requirements, regulations, etc. Do Roth conversions count as income in this matter? I admit my head is about to burst as I thought I had a lot more time to do all this research and everything is moving faster than I could ever dreamt.
Step 4: We are moving my parents into our home in order to help take care of my disabled father. The obvious things (walk-in shower, handicapped toilet, hand rails in the bathroom, tacking down rugs, etc.) are pretty easy for us to think about. What are we NOT thinking about when dealing with someone who is blind and has limited mobility? The hallways of the TX home are wide enough for us to get a wheel chair down them, it is a single story home, and there is no carpet in the house. We may have to put in wider entry doors, but my DH will be measuring while he's down there next week to see. Anything else we need to think about and/or look at? Mom insists on paying us rent, so we plan to "charge" them about 1/2 of what they currently pay for rent and utilities plus have her pick up some of the grocery bill each month. Do we need a written agreement for this?
Is there anything else I am not thinking about? This has all happened so fast that I know I'm missing some key points and would truly appreciate any input/questions/thoughts on what we are doing.
Thank you all in advance!