Struggling over a few issues, thought maybe some could advise or opine......? I know I can't be thinking of everything, not nearly smart enough....so this may be just a way to vent and rattle it around, but any advice sorely welcome..!
I'm 65, wife is 62. Both still working. I want/need to retire (body just won't do it any more), but trying to work a few more years to put aside some $$ and pay off remaining bills so we can retire debt-free. I am a self-employed Contractor so have ridden the waves of economies over the years...boom times/bust times...... (Yes, I know I should have stayed in college and got a corporate job)
Let me bullet point some facts:
- Savings = very little savings, for the sake of this discussion, assume none <$100k
- Assets = quite a few that could be liquidated if need be but would rather not <$100k
- Debt = $10k credit card, $30k on 2 vehicles, $30 equity line
- Property = main residence free and clear, weekend off-grid house free and clear
I have not taken SS yet, waiting until age 66 which seems to be the best time, but I will go see an expert about that before I decide for sure...?
Another BIG issue (for us) is that we live in the state of California, which as you may have heard, is losing residents like you wouldn't believe due to it's liberal policies and the cost-of-living issues. We'd like to leave as most of our friends are doing, but have 2 sons in their early 30's and can't stand to leave them (at least not until we absolutely have to which may come at some point) A key factor there would be if they get rid of Prop 13 and our property taxes quadruple as they say might happen, that would force us out. So that would free up a lot of home equity......
I do have the option (for a while longer) of buying raw land somewhere and building a home myself. Our 2 current homes I built myself, one completely single handed (not bragging , just another asset of sorts) but my body is failing fast....
Well there we are for starters.....as you can see it's confusing, with lots of options, not all bad of course, but just confusing for us........
Any thoughts?
I'm 65, wife is 62. Both still working. I want/need to retire (body just won't do it any more), but trying to work a few more years to put aside some $$ and pay off remaining bills so we can retire debt-free. I am a self-employed Contractor so have ridden the waves of economies over the years...boom times/bust times...... (Yes, I know I should have stayed in college and got a corporate job)
Let me bullet point some facts:
- Savings = very little savings, for the sake of this discussion, assume none <$100k
- Assets = quite a few that could be liquidated if need be but would rather not <$100k
- Debt = $10k credit card, $30k on 2 vehicles, $30 equity line
- Property = main residence free and clear, weekend off-grid house free and clear
I have not taken SS yet, waiting until age 66 which seems to be the best time, but I will go see an expert about that before I decide for sure...?
Another BIG issue (for us) is that we live in the state of California, which as you may have heard, is losing residents like you wouldn't believe due to it's liberal policies and the cost-of-living issues. We'd like to leave as most of our friends are doing, but have 2 sons in their early 30's and can't stand to leave them (at least not until we absolutely have to which may come at some point) A key factor there would be if they get rid of Prop 13 and our property taxes quadruple as they say might happen, that would force us out. So that would free up a lot of home equity......
I do have the option (for a while longer) of buying raw land somewhere and building a home myself. Our 2 current homes I built myself, one completely single handed (not bragging , just another asset of sorts) but my body is failing fast....
Well there we are for starters.....as you can see it's confusing, with lots of options, not all bad of course, but just confusing for us........
Any thoughts?