My dad is recently retired and he has just bought a studio apartment in New York for $120,000. He fully owns this studio, so he has no mortgage or any other debts to worry about. His total savings come to in the region of $200,000. He has invested most of this. So $200,000 is all the money that he has. His annual pension income, plus the annual return on his investments come to $31,000 a year.
Now I know that most people will think that my dad is in a healthy situation with that money and with no debts. But New York is an expensive place to live. He is 66 years old and so he still likes to go out and enjoy life. He has a group of friends which he socialises with. So I want to know is he financially secure in his situation right now or will he struggle a bit? What do you believe his situation to be?
I live in Saskatoon in Canada and I'm just a little worried that the cost of living in New York might limit his life. I want him to enjoy himself at this stage in his life. His retirement should be an enjoyable time, not one with financial worries.
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