Eric S
Dryer sheet aficionado
Hi!
I am 56, single, and retired. No kids.
I have $2.5M total assets (including house value). $22K in a conventional IRA. I expect only (conservative) investment income. I have minimum work credits for SS benefits (i.e. $887/month @ full retirement age).
I plan to move to Portugal in 2022.
My current house is worth $700K (bought for cash). I intend to sell it before moving.
I spend circa $60K/year, all told (including insurance, etc). In Portugal I will spend $30-40K/year (at current currency values), but could easily spend less.
Questions:
1. What would be the prudent max to spend on a house in Portugal? (note: I wouldn't imagine paying over $700K). I'm not thinking of it as an investment (though I do expect prices there to rise); I don't intend to move again, and my heirs are already well taken care of.
2. Should I mortgage it? I don't pay much taxes, so I guess it's mostly an inflation-related question. I do expect to beat the current 30 year rate with my investments....
thanks!
I am 56, single, and retired. No kids.
I have $2.5M total assets (including house value). $22K in a conventional IRA. I expect only (conservative) investment income. I have minimum work credits for SS benefits (i.e. $887/month @ full retirement age).
I plan to move to Portugal in 2022.
My current house is worth $700K (bought for cash). I intend to sell it before moving.
I spend circa $60K/year, all told (including insurance, etc). In Portugal I will spend $30-40K/year (at current currency values), but could easily spend less.
Questions:
1. What would be the prudent max to spend on a house in Portugal? (note: I wouldn't imagine paying over $700K). I'm not thinking of it as an investment (though I do expect prices there to rise); I don't intend to move again, and my heirs are already well taken care of.
2. Should I mortgage it? I don't pay much taxes, so I guess it's mostly an inflation-related question. I do expect to beat the current 30 year rate with my investments....
thanks!
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