Help Me Retire: I’m in my 60s with almost $1 million. My home is paid off. I’d like to move but am afraid of the high prices elsewhere: ‘Will I be OK?’

by | Sep 24, 2023 | Stock Market

Dear MarketWatch,  I’m in my early 60s, and I have a paid-off home, valued under $200,000, in a rust-belt city that I’d like to move out of. On the upside, I’ve saved $950,000, which is invested with an investment firm, in taxable accounts. The firm has a good record and serves as a fiduciary. I receive a small amount of alimony and will continue to receive it for the next eight years. I’m trying to live only on the alimony so that I can keep my money invested in the hopes that it will grow — although right now, it seems to be going nowhere.  

I’m able to get discounted health insurance through the government marketplace. I have no children. I worry about my finances, particularly when I see the price of real estate in desirable areas where I’d have relatives nearby. I worked for many years in a high-education-required/low-wage-provided career (I know, I know … it seemed to make sense at the time). I’ll receive only about $20,000 a year from Social Security. I keep my costs low — no cable is no problem — but I’d love to travel at some point. Any advice for me?   Thank …

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