We’re both 67. I’m healthy, but my wife has 3 autoimmune diseases and wants to get out of the 2-story house we’ve had for 30 years to be closer to one of the kids.
I’m thinking instead of reinvesting the money from the house sale to a much smaller dwelling (out of reality because of needs and cost) it’d make sense to hold onto that and find a modest apartment rental up to $1,300/mo., do a one-year lease and reassess after that. We live in Florida, no income tax, and could move to areas with higher income and property taxes.
Thoughts?
Ask them or you contact a realtor in their area.
You contact a realtor in their area.
Find out what the current market rates are for rentals.
Due to our current regime, I mean government, you cannot depend on ANY tax breaks as he is changing the laws of the land, Congress required approved or not.
Gena / Touch Matters
My hubs has an autoimmune plus a rare disease and for more fun retinal issues. So lots of specialists seen on a very regular basis. Our PCP really is just the wheelhouse for CC of all the others office visits, doctors notes and lab reports. We are in a city with 2 separate medical schools and their separate teaching hospitals / Health Science Centers. Even so there is a 6-10 month wait to have an initial visit with a rheumatologist. A real board certified trained rheumatologist. His rheumatologist takes a narrow group of health insurance and is not on any Advantage Plans (hubs works so we are on employer sponsored coverage). Over & over you hear the phone ring and staff is saying “no, this office does not take XYZ, no I cannot tell you who does”. When he has had his eye surgeries, the vast majority of those in the waiting room for both surgery done in a full-on hospital and at a day surgery center had driven from hours away as they simply had no specialist in their area. Like they had to come in the night before surgery, get a hotel for a couple of nights AND then do the drive again for post op visits. It was t this was a choice they made but more there were no other choices. In talking to others, not only did they have zero trained specialists many had zero actual internal medicine doctors and their primary was a family practice docs. (No shade to family medicine guys, but they are not what an internist is). If you live rural, it’s really a pitiful health care provider landscape; even in smaller towns and cities it can be as well.
If your bride has complex care, please pls look into all that b4 you decide on a move. If she’s apt to use an ER/ED, look to see what the emergency departments type/ratings are for the hospitals as well.
Also, before you move to be closer to one of the kids, be realistic and have an open and honest talk with them. What are your expectations of them should you become ill? Will they be able to (or want to) step up to the responsibility? Are they likely to move away? You might find that you would be better off moving to a senior community that you invest in, or renting in a senior living center.
As for the "expensive market"...don't let that be your guide. The reason for the "expensive market" could be the quality of the education (good if you are thinking of renting to young families), the weather, the quality of health care professionals, etc. You instead might want to think about the opportunities that you and your wife have for social outlet, the "safety" of the neighborhood, the availability of potential volunteer jobs, the choice of food, etc.
I'd consult a independent financial planner and see what they have to say.
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