Tuesday, July 26, 2011

planning for retirement - part 2

Last post I concluded that if I had $1million in the bank, then I could retire if I live in a very cheap area.  Now, what if I don't have that in the bank?  I think there are a few alternative ways of living that would be affordable on low/restricted income.

1) living aboard - the cost of owning a boat and living on a boat seems to be less than owning a house, plus mobility
2) living in a RV/mobile home - not like trailer parks of yore.  Some mobile homes are really nice, especially if you don't own a house, you can put that money into the mobile home
3) long term travel - you can travel extensively and live in other countries for much less than in the States, rent out the house we own to generate income.
4) reverse mortgages

Of course, some of these require that I am in good health or some of these will have set date of stop, like the reverse mortgage.  I'll look into the pros and cons of each in my future posts.

1 comment:

  1. I like the sound of living on a boat. It would be great to sail into exotic ports and visit all the exiting locations.

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