luckyiknow
Dryer sheet wannabe
- Joined
- Feb 21, 2011
- Messages
- 10
Any other NYC'ers on this board? I see alot of people talking about retiring with annual incomes way lower than you need to afford living in the NYC area. I get the feeling most people on this board are living in another universe.
I know I'm fortunate--I'm 50, have about 4M in total assets, not including a 1.8M house, with 750K in principal left. (No, in nice NYC suburb that's not a mansion). As my handle suggests, I know I'm lucky compared to 99% of Americans. But stay with me:
Would love to retire *now*, but:
1. 3 kids not yet college age. No way will I get financial aid. If they all go to decent private schools I calculate $1M cash after tax.
2. Would like to stay in NYC area, at least until kids are gone and probably thereafter.
3. House has gone down in value. Not sure how much. So some of my home equity has disappeared.
4. But my local taxes (property and school) are almost 50K a year!
5. Very, very, (very) conservative investor. Hate stocks. With interest rates this crazy low, can't find a safe investment to generate income necessary to live in this area with 3 kids, particularly after inflation.
6. Health insurance.
Any advice (other than "you greedy bastard, 4M is plenty" or "move")?
I know I'm fortunate--I'm 50, have about 4M in total assets, not including a 1.8M house, with 750K in principal left. (No, in nice NYC suburb that's not a mansion). As my handle suggests, I know I'm lucky compared to 99% of Americans. But stay with me:
Would love to retire *now*, but:
1. 3 kids not yet college age. No way will I get financial aid. If they all go to decent private schools I calculate $1M cash after tax.
2. Would like to stay in NYC area, at least until kids are gone and probably thereafter.
3. House has gone down in value. Not sure how much. So some of my home equity has disappeared.
4. But my local taxes (property and school) are almost 50K a year!
5. Very, very, (very) conservative investor. Hate stocks. With interest rates this crazy low, can't find a safe investment to generate income necessary to live in this area with 3 kids, particularly after inflation.
6. Health insurance.
Any advice (other than "you greedy bastard, 4M is plenty" or "move")?