By Terry Savage on June 17, 2024 | Financial Planning / Retirement

Your thoughts plz – housing dilemma.

I’m 68, single, retired, good financial shape. Healthwise, no major issues. On Medicare, not taking social security. Will take it at 70, Oct 2025.

I live in Denver, been here since 1992. Owned a condo for years, sold it Aug 2019, been renting since.

Now looking at buying a condo or townhouse.

My choices are a beautiful remodeled condo in Denver – 2 bedroom 1 bath, perfect size for me.

Or, continue renting and look to buy a place in Grand Junction Co, 250 miles west of Denver. I’ve been to Grand Jct a zillion times, love the outdoors there. I’d have more fun and be more relaxed there.

My hesitation in moving to Grand Jct is health care. I’m with Kaiser’s MA (Medicare Advantage) plan. Because of a medical assistance plan, I receive discount pricing on doctor appts, lab tests, prescriptions. Kaiser is not available in Grand Junction.

I’ve thought of buying the beautiful condo in Denver, stay for 2 years, once on social security, move to Grand Junction. Living in my current apt is ok, rent is $1600. The Denver condo is much nicer and I’d be happier and more comfortable there than in my apt.

Another option: I could move to Grand Jct, rent an apt there until I found a place to buy. Since I sold my condo, I’ve moved a lot, time to get settled.

If you were in my shoes Terry, what would you do? Thanks.


Terry Says

Whew, that IS a complex situation.  But you need to focus first on your healthcare costs and coverage.  If you’re still healthy, you might move back to traditional Medicare and a supplement.  But that would certainly cost more than your Medicare Advantage plan.  YOu should check out the advantage plans in the Grand Junction area, which seems to be your preferred place to live.

Only when you get this sorted out can you make a sensible decision. If there are no affordable plans — and understanding the limitations of Doctors and Hospitals in that plan — then it would be risky to move.

Remember in a few months, late November, there is open enrollment when you can switch back to traditional Medicare or a different Advantage plan with no penalty.

As for buying, I don’t think there is any rush.  I think a recession will come sooner or later, and if you have cash safely stored in T-bills, you’ll be able to buy a bargain.

Please write back and let me know what happens!



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