Age 67 and need to install new HVAC system in home at 10,000.00 and cook county taxes coming up at around 6000.00.
I need around 16000.00 for both. I have 32,000.00 in my savings account. Should I use my cash or draw from my retirement savings at least half of it? I have not touched my retirement savings since I retired three years ago. I live in the income I draw from SS and small retirement funds.
Terry Says
OK, could I respond with a question first. And it’s a big one. Do you REALLY want to live in that home for the next 10 years? If not, maybe it’s time to consider a move to a senior community where you won’t have the issues of property taxes (which are only going up) and repairs (which will certainly continue).
THIS is the question you must face honestly now. And the only way you can do it is to take a drive and look at the alternatives out there! When you turn 73, you will have to start withdrawing from your retirement account. Until then, you hope to live mostly on your Social Security. Now, while you are healthy and competent is the time to make the move if it’s inevitable down the road.
Will you please promise to write back in two weeks — AFTER you have given my suggestion some thought, AND after you have gone to visit at least one or two alternative places!!!
