re: What to do with $250K

quote:

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$85k annual in COL expenses Agreed...that number seems very high for someone in retirement. It should be closer to half that for 2 people.

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Okay, I’ll lay out our high expenditure retirement budget that comes out to $85K annually with an income of $102

$1,498 mortgage (25 more years)
$825 Grocery Store
$600 Health Insurance
$489 Car note (0% interest paid off in 18 more months)
$350 Personal/Entertainment
$300 Utilities
$300 Resturants
$300 Gasolne
$300 Drs
$350 Prescriptions
$350 Donations
$250 Phone/Direct TV/Internet bundle
$200 Clothes
$277 Vehicle Insurance
$187 Lng term Health Insurance

I also have budgeted $600/month to go to savings for things like season tickets, small trips. There’s another $400 that goes for small things like yard, haircuts etc

So, I have $600 extra for savings now. By paying off the mortgage I would just have more for trips and unexpected expenses. Also, I’m looking at that cushion to slowly be consumed by cost of living increases.