baskin
Confused about dryer sheets
Hello. as will be obvious, I am new here and quite confused so please allow me to offer apologies first. I am 66, retired and divorced. I live alone in a rented apartment. My financial picture seems simple now that my ex husband has gone his way. My health is relatively good although I have a serious heart condition. That is a dumb way of saying I am currently active, but have already had two heart attacks and a family history of cardiac problems (my father passed away at 46). Living forever is likely not an issue.
I get $1800 a month from Social Security (actually $1950 but then they deduct for Medicare and drugs). And I have $250,000 in a TIAA-CREF account. $100,000 of that is in TIAA now paying 4.1%. As I understand, that $100K can only be withdrawn at 10% a year or converted to an annuity. That is pretty much it. I have one daughter, two young grandchildren (and nice son in law) that live close by in the Philadelphia area. She is happily married and pretty financially comfortable. She could 'lend' me quite a bit of money. She could 'buy' me a condo and I would leave her everything in my will. She will get anything I have anyway.
I think I'd like to buy a nearby condo for around $175K that would cost about $1200 a month total. I could get an annuity from TIAA-CREF that would give me about $1350 a month for my lifetime (min 15 years). Then I have a passing fantasy of possibly buying a much nicer and cheaper house in Florida even though the only person I know there now is Mickey Mouse
I am not sure exactly what to ask or even if I am asking in the right forum. This FIREcalc stuff confuses me and I don't think my situation is that complex. Can anyone suggest some direction. Thank you so much.
(as usual, I spoke too much)
I get $1800 a month from Social Security (actually $1950 but then they deduct for Medicare and drugs). And I have $250,000 in a TIAA-CREF account. $100,000 of that is in TIAA now paying 4.1%. As I understand, that $100K can only be withdrawn at 10% a year or converted to an annuity. That is pretty much it. I have one daughter, two young grandchildren (and nice son in law) that live close by in the Philadelphia area. She is happily married and pretty financially comfortable. She could 'lend' me quite a bit of money. She could 'buy' me a condo and I would leave her everything in my will. She will get anything I have anyway.
I think I'd like to buy a nearby condo for around $175K that would cost about $1200 a month total. I could get an annuity from TIAA-CREF that would give me about $1350 a month for my lifetime (min 15 years). Then I have a passing fantasy of possibly buying a much nicer and cheaper house in Florida even though the only person I know there now is Mickey Mouse
I am not sure exactly what to ask or even if I am asking in the right forum. This FIREcalc stuff confuses me and I don't think my situation is that complex. Can anyone suggest some direction. Thank you so much.
(as usual, I spoke too much)