Dear MarketWatch,
My husband is 68 and I’m 74. He makes $250,000 a year. We’re renting a townhouse in a very upscale suburb in the Houston area, but our last rent increase was $300 a month!
My husband wants to find a house for not more than $300,000 because he doesn’t want to be a slave to rent increases. We’d have to take out at least a $100,000 mortgage, which he says he can pay off in a year because he currently banks every other paycheck.
I would rather move into a 55-plus community where we could rent a nice apartment and have amenities, with no property tax or upkeep. He says we will be homeless because our rent keeps going up, and we won’t last long on our combined Social Security.
What is the best path to take?
See: I’m 53 and hate my job. My husband, 59, and I have two homes, plus $1 million in savings. Can we afford to retire?
Have a question about your own retirement savings? Email us at HelpMeRetire@marketwatch.com
Dear Reader,
What is best for you both will depend heavily on your finances — that is, your day-to-day spending and your nest egg for retirement.
There’s no one-size-fits-all approach to…
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