• Question
  • Retirement savings

    Asked by a 70 year old woman from Saint Paul, MN on 4/13/2019

    I only have 150,000 to retire with and want to buy a home in Florida, but own a home in Mn my income adds up to 70,000. I am worried that I will be taxed out of all my savings. The home in Florida would be around 130,000 the home in Mn is worth 325,000 if sold.

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  • Categories: Taxes, Retirement Planning

Answers

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  • Unfortunately, there is not enough information in this post to provide a direct answer to your question. It is great that you are thinking holistically about the impact of taxes both from the sale of your house and your income. For personalized recommendations, I recommend that you work with a financial advisor to review your unique situation.

    If you are interested in working through NewRetirement, they offer this service at a nominal rate: https://www.newretirement.com/pricing. Alternatively, you may choose to work with your accountant.

  • Login to rate this answer:   Answered on 5/6/2019
**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.