We have $3.5 million invested and plan to retire soon - can we afford a $1.5 million house?

This article discusses a Redditor contemplating buying a $1.5 million home while planning to retire early. With an income of $325,000 and yearly investments of $200,000, they aim for financial security with $3.5 million saved. However, they underestimate the potential increase in property taxes post-purchase. As they prepare for a future without income, evaluating all financial commitments and long-term affordability is essential for making such a significant investment.

They believe that the tax on this home will only be around $5,000 per year, while the commenters are trying to explain homestead exemptions and the likelihood that once the house is reassessed post-sale, the taxes could jump to over $20,000.

Without any kids, there aren't any other missing factors here, like funding 529 accounts or anything of the like, so it's all about whether they can increase their spending and buy a home of their dreams.

Read at 24/7 Wall St.