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re: What to do with $250K
Posted on 9/17/18 at 5:12 pm to Engineer
Posted on 9/17/18 at 5:12 pm to Engineer
quote:
Does that include some heavy loan payments or something? Seems like a lot of expenses for a retired couple.
The annual $67K breaks down to about $5,600/mo. I would be debt free if I paid off the house.
The biggest items are a 0% interest on a car note of $500, health related: insurance/medication/Drs/long term health ins $1,700, utilities $500 and groceries/eating out $1,000 and $400 in contributions. That’s $4,100 of it right there.
I never said I had a tight budget. What seems like a comfortable budget seems like it would have a lot of cushion if I freed up an extra $1,500 by paying off the house.
2
Posted on 9/17/18 at 5:46 pm to NorthTiger
I'd pay it off. Can't put no dollar sign on peace of mind. Plus the extra wiggle you'd get in your monthly budget won't hurt anything.
Think of it this way, if the house were paid off now, would you go borrow against it to have that amount in cash (to invest or otherwise)? That's the same question asked a different way.
Good luck.
Think of it this way, if the house were paid off now, would you go borrow against it to have that amount in cash (to invest or otherwise)? That's the same question asked a different way.
Good luck.
Posted on 9/17/18 at 6:49 pm to NorthTiger
quote:
The biggest items are a 0% interest on a car note of $500, health related: insurance/medication/Drs/long term health ins $1,700, utilities $500 and groceries/eating out $1,000 and $400 in contributions. That’s $4,100 of it right there.
That's a pretty high debt load for a retiree, in my opinion. I'm curious how much more time you have on that vehicle. That plus $400/mo on "contributions", is that for your pension and would go away at retirement?
I would consider paying off the mortgage in a 5-10 year time frame while keeping a larger portion of the property gains invested. You could throw $30-50k down at the time of sale to move further down the amortization schedule and pay extra every month or year to meet the 5-10 year schedule. This plan gives you a little time to get accustomed to your new retirement spending lifestyle. I also would probably work another year or two to pay off the vehicle and drive it until the wheels fall off. That $500/mo would piss me off.
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