Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • I hope that the NewRetirement Retirement Calculator gave you a more complete answer than I will be able to offer here. You should enter the value of the $300,000 condo into the calculation on Page 2 as "Value of Other Holdings" and make sure you complete all questions as accurately as possible.
    http://www.NewRetirement.com

    You can try different scenarios and see how that impacts your "out of money analysis." The most important scenario you might want to compare is how much the $1200 a month rent impacts your ability to fund your life now and in the future. While it is not certain, you can probably assume that your condo will at least retain the $300,000 value -- if not grow more valuable.

    I am guessing that you do not have enough to retire without any additional income. You are not eligible for Social Security for at least another seven years and as a single woman your Social Security income is likely to be modest. However, the biggest problem you may face is how to fund healthcare. Out of pocket spending on healthcare is very expensive. Experts say that the average 65 year old couple will spend $200,000 in out of pocket expenses on healthcare alone. You will not even be eligible for Medicare for another 10 years so your costs could be significantly higher.

    We wish you all the best!
    http://www.NewRetirement.com

  • Login to rate this answer:   Answered on 11/8/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.