Home Business I’m in my 60s with almost $1 million. My home is paid off. I’d like to move but am afraid of the high prices elsewhere: ‘Will I be OK?’

I’m in my 60s with almost $1 million. My home is paid off. I’d like to move but am afraid of the high prices elsewhere: ‘Will I be OK?’

by Mark Mendoza

Moving in your 60s can be a daunting task, especially when you have concerns about your finances. However, with a solid financial plan and some careful considerations, it is possible to make this transition successfully.

First and foremost, it is commendable that you are trying to live on your alimony while allowing your investments to grow. This strategy can be beneficial in the long run. If you are already retired, consider finding part-time work to boost your savings. This will provide you with more financial flexibility and help you achieve your goals.

When it comes to moving to a new place, it is essential to be flexible and realistic about your expectations. Determine how close you want to be to your family members and consider a range of possibilities, such as a five-block radius or a 30-minute drive. The wider your net, the more options you will have to find an affordable home.

Keep in mind that the price of the home is not the only expense to consider. Each town or neighborhood may have different costs associated with taxes, homeowners-association fees, and the overall cost of living. Consult with a qualified financial planner to create a comprehensive financial plan that takes all these expenses into account. They can provide guidance on how to make the move work within your budget.

When creating your financial plan, make sure to leave yourself an extra cushion in the form of an emergency savings account. This will help you avoid tapping into your investments heavily when unexpected expenses arise. Additionally, make a list of all potential expenses related to your new home and seek input from your loved ones who live in similar communities.

Be cautious when selecting a home, considering factors such as the age of the roof and boiler, costs for snow removal and lawn care, and any potential maintenance and assessment fees. Also, consider the availability of doctors and medical facilities, as well as options for entertainment and staying active.

In conclusion, with a well-thought-out financial plan and thorough research, you can confidently make the move to a new place in your 60s. Take advantage of your paid-off home, manageable spending habits, and substantial savings. By considering all the financial aspects and potential expenses, you can ensure a smooth transition to a new location and enjoy the next chapter of your life.

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