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Unfortunately, at our age, we expect to have to continue working until we can draw Medicare at age 67, just to keep our health insurance. When I finish school, our combined income will be over $100K, and our investments, modestly projected, will make us multimillionaires by age 70. We have always lived well within our means.
Thank you for your advice -- it has given me food for thought and I really appreciate it.
left: beach in Hawaii; right: beach in North Carolina.
We bought a vacation home when we were 40 years old. We bought it at the ocean just 45 minutes from our home and where we worked. We went there every weekend and enjoyed quality time with the kids as they were growing up. It worked very well because it was not so far from our house and we could use it on weekends easily and also during the summers. Within 10 years the property was worth 3 times what we paid for it.....and in the mean time we were able to enjoy the investment. We made sure that we could easily make the payments...... This worked very well for us. We never rented the place out. Now that we have retired, we have moved to the vacation home, sold the home nearer work and have used that money to purchase a vacation home in Hawaii. This would not have been possible if we had not started with a second home early on.
For me the main considerations are:
- something close that you can use often
- potential of a good investment for capital growth
- Consider renting out the vacation home. We never did this with our first one, but have now with the second one and are amazed at the difference in expenses this way. Since our vacation home this time is so far from where we live for the other 6 months of the year, we didn't think that we could manage the property ourselves, but that has also been fairly easy.
The possiblities of what to do in retirement are so much more than I ever imagined.