I am 45 years old, I have appx 15 thousand over one million in savings I.E. CDs mostly and and 50k in stocks and mut funds.
I bring in 45 thousand a year in interest that I now live on, My work was hard on my body and my knees and back are not able to take the pounding they used to.
My wife was laid off at her job in michigan because of the horrible economy there. But I have sold and moved south near my family. We had planned to move and build on our property in arkansas, we have 6 acres there and love it. but my wife could not find work, and we still are in need of health insurance.
We have a budget of 145k for a home that does not come out of our savings above.
She was offered a job in kansas near family that pays 35k a year and insurance.
My wife wanted to go to arkansas now, but I feel that while she is still at an age and has the experiance that is needed, we should work and live where we can expand our savings even more, at least for a few more years, until we get national health care [I hope]
I have all of our 50k invested in IRAs so I can deduct the 8k a year from taxes.
I am at a point where I do not have a clear picture of what to do to make sure our retirement is secure.
I could live fine on my income now, but if anything happend to our health or if in 20 years inflation took off, It could eat into us enough that we could not take the vacations or do the things we like to do.
We are looking at a nice home in kansas that we could get at a good price.
We would own it out right as I have never had a morg. payment and never will.
My biggest fear is coming out of a market like michigan where I had 80 acres and a 2000 foot cape cod and 30x40 toy barn. and had to break it up so I could pull 200,000 out of it.
I built it myself so I made money but I tell you I had to give it away as michigan is gone down the tubes.
Any way, I would like opinions on how we are doing and what we should do to have a good retirement.
Thanks
I bring in 45 thousand a year in interest that I now live on, My work was hard on my body and my knees and back are not able to take the pounding they used to.
My wife was laid off at her job in michigan because of the horrible economy there. But I have sold and moved south near my family. We had planned to move and build on our property in arkansas, we have 6 acres there and love it. but my wife could not find work, and we still are in need of health insurance.
We have a budget of 145k for a home that does not come out of our savings above.
She was offered a job in kansas near family that pays 35k a year and insurance.
My wife wanted to go to arkansas now, but I feel that while she is still at an age and has the experiance that is needed, we should work and live where we can expand our savings even more, at least for a few more years, until we get national health care [I hope]
I have all of our 50k invested in IRAs so I can deduct the 8k a year from taxes.
I am at a point where I do not have a clear picture of what to do to make sure our retirement is secure.
I could live fine on my income now, but if anything happend to our health or if in 20 years inflation took off, It could eat into us enough that we could not take the vacations or do the things we like to do.
We are looking at a nice home in kansas that we could get at a good price.
We would own it out right as I have never had a morg. payment and never will.
My biggest fear is coming out of a market like michigan where I had 80 acres and a 2000 foot cape cod and 30x40 toy barn. and had to break it up so I could pull 200,000 out of it.
I built it myself so I made money but I tell you I had to give it away as michigan is gone down the tubes.
Any way, I would like opinions on how we are doing and what we should do to have a good retirement.
Thanks