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re: Would it be a bad idea to try to pay off my mortgage at this time?
Posted on 5/25/17 at 9:57 am to Popths
Posted on 5/25/17 at 9:57 am to Popths
quote:
I'd pay off the mortgage ASAP. Nothing like living without a house note. Think you're saving good now, just wait until that note is gone. What a feeling.
Not to mention the freedom it gives you when considering career changes, job changes, starting a business or dealing with losing your job. It reduces stress and opens up many more life paths.
0
Posted on 5/25/17 at 10:27 am to Jp1LSU
quote:
Say you live to 90 years old, that's 40 years of no active income.
Are you forgetting about social security?
quote:
For most people they spend twice as much as they normally do when not working.
You have anything backing that up? That's definitely not the conventional wisdom. Most retirement sites, tools, etc say that you need to replace ~70% of your income to maintain your lifestyle. If your plan is to go OT baller in retirement that's a different story.
Take a look at this article. While it is focused on physicians, alot of it is applicable. He figures he just needs 28% of his income in retirement. The one thing he is including is free/reduced cost of healthcare which won't apply to most people:
https://whitecoatinvestor.com/percentage-of-current-income-needed-in-retirement/
quote:
I fall into the camp that thinks paying off a mortgage is a bad decision.
I don't think it's bad, but I agree investing is the better choice if you're disciplined and can stick with the plan. Also, I'm single with no one depending on me. If I had kids and a housewife then I'd probably think differently.
I have X amount that I can invest monthly in a taxable account. With the markets at a high, I'm hedging my bets and using half to pay extra on the mortgage right now.
This post was edited on 5/25/17 at 10:29 am
Posted on 5/25/17 at 11:57 am to gpburdell
The people who are suggesting to not pay off your mortgage are telling the people who have a mortgage to keep doing what they're doing, using someone else's money to defer the payment of your own money so you can buy something else.
Anyone who has a mortgage is already doing this.
Anyone who has a mortgage is already doing this.
Posted on 5/25/17 at 12:47 pm to gpburdell
quote:
Are you forgetting about social security?
I'm 24 and I am. If that shite is there in 40-50 years it will be a gift from the gubment, but I'm sure as hell not planning on it. I'm calculating my retirement sans any social security.
Posted on 5/25/17 at 1:35 pm to Mingo Was His NameO
quote:
Would it be a bad idea to try to pay off my mortgage at this time? by Mingo Was His NameO
quote:
Are you forgetting about social security?
I'm 24 and I am. If that shite is there in 40-50 years it will be a gift from the gubment, but I'm sure as hell not planning on it. I'm calculating my retirement sans any social security.
While I'm hoping for SS to be there, I consider somewhat foolish to 100% count on it.
As for my contention that you spend more money when you are not working than when you are, I don't see how anyone could think otherwise.
Your 50 years old you get up in the morning how are you going to keep from spending money when you don't have to work?
I come to work get fed for free and work all day. Now instead of going to work I go play golf drop $100 and buy lunch?
Free time is expensive.
Unless your sitting around your house in the dark doing nothing, working is cheaper than being retired
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