Just joined this fabulous site. Everyone is giving me more confidence about making the big move at the end of 2013. Please offer your advise on whether you think my dream can come true!
Current age: 55
2013 income: $126,000
Annual Saving Budget: $25,000
Current Life Savings: $465,000
Additional IRA/Roth Savings: $85,000
Anticipated combined savings at end of 2013: $630,000
House Value: $300,000
Mortgage: $35,000/3.5 yrs left
Other debt: $0
Annual Pension (Starting in 2014): $63,500 (no COLA)
Retirement Benefit: Full Medical Coverage
Spousal Benefit: Free Air travel (airline employee)
Annual Expenses: $70,000 (gross)
It may seem like a no-brainer, but I would like to buy a condo in Puerto Vallarta, Mexico for $250,000 CASH while keeping my state-side home. I think I can rent the condo out for annual income of approximately $20,000/year, at least until my state-side mortgage is paid in 3.5 years.
What do you think