Reply to If we moved somewhere cheaper, could we live off principle?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We are a family of 3.  Own a condo in DC worth $500 - $600K that is totally paid off.  Gross annual rental income is $36k-$38k.  We have a house in MD that we could sell for at least $1 mil, and have a $200k mortgage on it.  We have combine student loans of $65K at a very low interest rate (less than 3%).  Only about $100K in savings, and a combined total of $100k in 401ks.  DH is starting business but isn;t earning income yet.  I make about $80K a year with ok benefits at a nonprofit.  DS is in preschool and can go to great public schools in MD.  Sometimes I think we should cash out of our house, maybe keep condo for rental income, and live someplace cheaper where we both could work parttime (or in my fantasy not at all).  DH is in early fifties, and I'm early 40s, so we hopefully have some years of living ahead of us.  We'd like to be able to pay for kids college, etc.

I'm looking for inspiration of how to make this a go.  Would it be possible to stop working, pay for affordable care act medical coverage and just piss around without bankrupting ourselves?  Where could we move on the East Coast to live more cheaply?[/quote]

OP, our situation is not unlike yours in some respects.

We are also looking to move to a less expensive area. The differences are that our children are all done with college. We do have health insurance that is heavily subsidized from prior employment. We have annuity income and other income of about $6K a month. We don't work. We expect to be able to live on $5K a month after paying cash for a smaller house in a less expensive area.

We don't have the ridiculous savings that some on this forum report but quite honestly we don't need it to maintain our lifestyle which includes going on vacation for about three months a year - about half of it is international.

You do plan on continuing to work so figure out what your living expenses would be to maintain your lifestyle, fund your kids college and not draw too much out of your savings and it will let you realize whether it is doable in your case.
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And what are you going to do if you develop a condition that requires home nursing? Do you realize that 24-7 nursing care costs around 130,000 a year? Who is going to take care of you if you are disabled?[/quote]

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