‘I’m losing sleep’: We’re retired and buying a $1.3 million townhouse. With everything going on in the world, is it too risky to make a move?

Our annual income is $80,000 from Social Security, $50,000 from IRAs, and $60,000 from rental income for some apartments we own. Our yearly expenses are about $180,000, including state and federal income taxes and home real-estate taxes. 

Our assets, in addition to our home, include $500,000 cash, $800,000 in IRAs, and a rental property worth $1 million. The cost of keeping and maintaining our new home will be about 90% of our current expenses.

My financial adviser says I shouldn’t be worried, but the condo isn’t built yet and won’t be ready for a year. With the state the world is in right now — war in the Middle East, a House with no speaker, and no clarity on who will be our next president — I’m losing sleep. I’m worried that these geopolitical issues will make it hard for us to sell our house for more than the price of the condo.

Are we making a risky move?

Worried in Westchester

See: I’m in my 60s with almost $1 million. My home is paid off. I’d like to move but am afraid of the high prices elsewhere: ‘Will I be OK?’

Dear Worried in Westchester, 

First, I’d like you to know how common it is to feel so stressed about these sorts of things, even when financial advisers are telling you everything is OK. Your concerns and feelings are completely valid — and there is definitely hope to feel comfortable again. 

It’s understandable that this series of decisions can feel overwhelming, especially at this time of your life. Making a big financial move in retirement is different from when you’re working, because you’re no longer receiving a paycheck. Now, your focus is on balancing spending and preserving your assets. 

Your anxiety over geopolitical issues is also understandable. There are a lot of things we can plan for, but we don’t know what’s around every corner — no one does. It is hard to feel 100% comfortable when you can’t control everything around you.   

You are in a great spot. Your assets, income and mortgage-free future will help you in retirement. Selling a home and buying another with cash is not necessarily a risky move, but I do have thoughts to help you rest easier at night. 

I’m not your financial adviser, nor do I have all of the facts and figures. But I think part of the reason you’re so stressed may come down to the fact that you are looking at too many momentous events, both personal and political, all at once.

Pore over your income and expenses

Home prices continue to rise, so even though your new home costs $100,000 less, you are swapping one expensive home for another. That can put you — or anyone! — on edge. 

Looking ahead will help, I think. For example, the townhouse is currently under construction, but go through the paperwork and see what it says about finances — including the management’s financial statements and what residents can expect in maintenance fees, assessments, fee increases and so on. 

Next up, your budget. To have 90% of your living expenses going toward a home is a lot. Is that within your budget? How does that differ from the budget on your current home? Can you cut anything from those $180,000 in annual expenses? 

Yes, you can withdraw a little more from your retirement assets to give you more wiggle room with your income and expenses, but look at other ways of reducing your costs. Check your local municipality for any benefits specific to retirees. There may be some income thresholds you have to meet to qualify for certain property-tax reductions for retirees, but it doesn’t hurt to ask. Explore lowering electricity and water bills with LED light bulbs and water-efficient appliances. Condos are required to provide appliances’ brand names and other pertinent information in the new construction’s offering plan, according to the New York state attorney general’s office.

Pore over your income and expenses slowly and meaningfully on a very simple spreadsheet, or enlist the help of your financial adviser. Even writing these in two columns on a piece of paper will help you see where you may be overspending. I find seeing these numbers right in front of you, as opposed to juggling them in your head, really helps bring clarity and calmness. 

Take into account your future health needs

One big reason to cut your expenses: It gives you more to put toward an emergency fund and your long-term healthcare needs. Health is imperative — and expensive. You didn’t mention your health insurance, but that’s often a huge cost for retirees.

Also see: We’re 65 and 69 with no long-term-care insurance. We want to self-insure — but how do we do that?

These medical expenses include doctor visits, prescriptions and unexpected health events. Also: food. Nutritious meals are vital at any age, and can help keep those health visits to just check-ups.

Medicare’s annual enrollment period began Oct. 15 and runs through Dec. 7. Even if you’re happy with your health-insurance plan, it would be good practice for you and your wife to look through the other options available in your area and compare them to what you currently have. 

Of course, even your financial adviser can’t predict the future. But you have more than most: $190,000 in annual income and a $1.3 million home where you will live mortgage-free. The world might feel like it is in disarray, but that doesn’t mean your life will be. 

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Have a question about your own retirement savings? Email us at HelpMeRetire@marketwatch.com.