My wife and I are in our mid 50s living in suburban NY. Our kids are in college. Combined, our income is $150,000. While this is considered to be good money, it just doesn’t seem to be enough to cover our needs and save for the future during the years that we should be doing that.
We owe about $350,000 left on a HELOC and mortgage, own our cars and live frugally. Our combined 401K is about $200,000 which is very low due to downsizes in the private sector and losing a business years ago.
I have been trying to relocate to the south to get out of this state that I believe is financially killing us.
For the past two years, I have applied for jobs within my company down South and outside as well. While I have been offered other positions, they are not in the states that we wanted to move to.
It is very disheartening when two people work but we still can not save for an emergency fund or retirement. I am tired of living pay check to pay check but feel very trapped right now and don’t like that feeling.
My question is should we sell our home (we have no emotional attachment to it and the taxes are $12,000 per year) and rent while buying a condo down south (in south Florida) where we would like to live and plan to be eventually?
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.We Make 150K But Living Paycheck to Paycheck. What Should We Do? - Roy by Steve Rhode