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re: How much money do people need to retire?
Posted on 2/28/24 at 10:36 am to Dadren
Posted on 2/28/24 at 10:36 am to Dadren
I've had the same mailman for the past 20 years up until last month. We had a new guy delivering the mail for a week and I asked were our usually mailman was. Was told he retired.
Retired at 56, was told he bought his house at age 39, with a 15 year mortgage. Paid it off 2 years ago and now has a pension.
Retired at 56, was told he bought his house at age 39, with a 15 year mortgage. Paid it off 2 years ago and now has a pension.
1
Posted on 2/28/24 at 10:45 am to TigerintheNO
quote:
Retired at 56, was told he bought his house at age 39, with a 15 year mortgage. Paid it off 2 years ago and now has a pension.
This really is the key.
Buy a house and pay that sucker off before you get close to retire. Payments on a 15 year suck but it starts to feel really good a few years in when you can see the finish line. Try not to have any other large debts either (seem to be a lot of older folks with student loans either for themselves or their kids).
If all you have is taxes, insurance and expenses related to your four walls (food, utilities, etc) you don’t need much cash coming in the door at all.
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