• Question
  • Is my house enough to retire on?

    Asked by a 58 year old woman from Seattle, WA on 8/21/2017

    My house will be worth $1.75M when I plan to sell (age 75) and move to a retirement home. (I plan to continue working until then - I have a very easy part-time job and most of my income comes from renting out rooms in my house.) Financial advisers tell me I need $1M to retire on but that I should start putting $$ into an investment account too (age 56 now). Won't my house be enough? I make barely enough to live on and will not be able to save any significant amount - I would have only a couple hundred a month to put aside. I am confused about this. Thanks for your help!

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  • Categories: Retirement Planning, How Much Do I Need?

Answers

  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • Hi,

    Your question can't be answered with a more complete picture of your current and projected financial needs.

    You can build your own free retirement plan on our site here: https://www.newretirement.com/retirement/1b-best-calc/?

    Then if you are interested you can do a review with a fee only financial advisor who is a fiduciary.

  • Login to rate this answer:   Answered on 9/10/2017
**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.