ashok_sharma
Dryer sheet wannabe
Hello friends. Looking for advice. I am 67 yrs and DW is 60.5 years. I have 401K for about $370K and a traditional IRA for $170K. We own a 3 BDRM Single Family Home in the Bay Area that is currently valued at $1.5M and we still carry a loan on the house for about $399K. The property tax on the house is $12.5K and increasing almost every year. I am planning to retire somewhere between age 70 - 72. Ar age 70, I become qualified for the highest amount in Social security of about $3,450. Also, at that age, I would be on the hook for RMD for an approximate amount of about $19,300 per year so annually getting about $60,700. My question is does it make sense to sell the house and invest the funds in Roth IRA and move into a smaller place either in California or Vegas. Most of our friends are here in California, whereas, Vegas seems to be fascinating for lower house cost, no property taxes, no state income tax, and a very low property tax. The only drawback is hot summer months ( July & August at least) and no friends and no good hospital close by.
I would like to learn from you if any one here have any experience in this or have moved in this direction of selling the primary residence and moving to a rental house or purchased a house in Vegas?
I would like to learn from you if any one here have any experience in this or have moved in this direction of selling the primary residence and moving to a rental house or purchased a house in Vegas?