Last winter, I started to feel that I needed to eventually move out from Midwest due to 5-month long winter. Then, I felt that my savings might be close enough to retire. I started to run different calculations and came to the conclusion that I needed to work 4 more years until I reach 55, so that I can withdraw money from my 401K plan.
I found lots of interesting discussions on this website. So, today, I am posting my questions.
Before I can ER, I need to overcome some obstacles.
1. Medical coverage: it is my understanding that if my taxable income is below $60k (Married Filing Jointly), we may qualify to get substantial discounted Obamacare premium (more than 50% off?). This should not be too hard to accomplish. If I only withdraw $30k from 401k annually and I can withdraw the rest from my Roth 401k (or Roth IRA). Is this correct?
2. One of my objectives is to move to somewhere warmer. Here is a bigger problem. I need to sell my current house, which still has $400k mortgage (with no plan to pay it off soon) and buy another property in a new town, with a similar mortgage (or may be a little less, say $200k-$300k). The reason I am keeping the mortgage is I have some other asset that I don’t want to sell and I don’t want to withdraw a big chunk of my 401k to trigger immediate income tax. Can someone tell me where I can apply for a mortgage, considering that I will have very low taxable income (or even no income for the first year), but I can pay over 50% down payment for the new house?
I found lots of interesting discussions on this website. So, today, I am posting my questions.
Before I can ER, I need to overcome some obstacles.
1. Medical coverage: it is my understanding that if my taxable income is below $60k (Married Filing Jointly), we may qualify to get substantial discounted Obamacare premium (more than 50% off?). This should not be too hard to accomplish. If I only withdraw $30k from 401k annually and I can withdraw the rest from my Roth 401k (or Roth IRA). Is this correct?
2. One of my objectives is to move to somewhere warmer. Here is a bigger problem. I need to sell my current house, which still has $400k mortgage (with no plan to pay it off soon) and buy another property in a new town, with a similar mortgage (or may be a little less, say $200k-$300k). The reason I am keeping the mortgage is I have some other asset that I don’t want to sell and I don’t want to withdraw a big chunk of my 401k to trigger immediate income tax. Can someone tell me where I can apply for a mortgage, considering that I will have very low taxable income (or even no income for the first year), but I can pay over 50% down payment for the new house?