HUNT VALLEY, Md. ( TheStreet) -- In the first of this two-part series, we discussed the amazing leverage that can be gained, even in the case of an apparently floundering retirement scenario, when moving from a higher-cost-of-living area to one that is cheaper. But I fully recognize that while many will see this as an exciting retirement adventure, some would view it as a life-ending transition due to their attachment to their current home, especially if they're near family.You do still have another option, and much as silver bullet No. 1 was summed up in one word -- "move" -- so too is No. 2: Work.
|Retirees should consider continuing to work, but this doesn't mean full time or doing work that drains you. This is a license to create a dream job.|
Assets: Includes a home worth $500,000 and a nest egg of $800,000
Liabilities: Mortgage of $200,000
Income need: $100,000
Income: Social Security brings in $18,000 and the nest egg, at 4%, brings in $32,000, for a total $50,000.