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).
My yearly expenditures average $30-40K/year (at current currency values).
Questions:
1. What's the most I can afford to spend on a house? 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).
My yearly expenditures average $30-40K/year (at current currency values).
Questions:
1. What's the most I can afford to spend on a house? 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!