Will this work- what would you do???

[Foodeefish]

My wife and I would like to build our retirement home in South Carolina and semi-retire. Each year we pay at least 33% in federal taxes due to AMT and were wondering if we can move south now, get jobs just for basic costs (2-$20K positions at the least) and be covered for health insurance. We live well below our means and do not "keep up with the Joneses"

Basics

- Wife 53 and I am 46 years of age
- No children and we will not be having any
- Income of $220K each year- but we work too many hours
- 401K maxed out each year- $15,500 for her and $15K for me
- 401K plans worth $700K currently- diversified portfolio w/ 10% Bonds and the rest stocks(I know some may think I should be heavier into bonds)
- IRA with $100K
- $85k in money market account
- House is paid off and is worth conservatively $650k
- Cars are both paid for
- Have 2 acres in South Carolina on a lake where retirement house will be built for $350K
- Have no debt whatsoever


Does it make sense to downsize our home by selling our existing house, build the new one down south, and get out of our high stressed jobs we have now?

Would it make sense to take out a home equity loan and begin to build the new one down south prior to selling our existing home (tax write-off or any other advantage?)

What would you do?
Thnx

Foodeefish