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Hello from Wild & Wonderful WV
Old 11-24-2012, 04:52 PM   #1
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Hello from Wild & Wonderful WV

As I approach 50 (turn 49 on January 31), I find myself spending more time thinking about retirement. Kinda silly, since one of the important legs of my retirement stool is the pension from my current job, forcing me to work until 60 or 62 to take full advantage of it.

I am in pretty good shape, I think, with 10-12 working years still to endure.

401K, with modest gains, should be over $1 million in a couple of years. I have about $70 in Roth IRAs.

Pensions will include a tiny one at 65 from a former job ($200/month), an army reserve pension at 60, and a pension from my current employer (should be safe, solid company, pension plan closed for new employees a dozen of years ago).

I don't see a way to get rid of my mortgage.....I just don't make enough to cover the bills, save, and pay off the mortgage early. I am actually thinking that using 401K disbursements to pay mortgage payments in retirement might make sense....maybe.
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Old 11-24-2012, 04:54 PM   #2
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Welcome, Sniggle.
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Old 11-25-2012, 07:18 AM   #3
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Welcome. I used to run retirement calculators before we retired--seeing we would be okay financially (especially when they started to say we didn't need any more saving) was a wonderful sort of secret that made working a little bit easier.

We didn't pay off the mortgage until after we retired; I think the low mortgage rates have changed the current thinking for many folks on that issue and there are several discussions you can search for if you are interested. With those rates locked in, many will choose to never pay it off.
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Old 11-25-2012, 07:27 AM   #4
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Welcome, from another West Virginian, albeit a "transplant". We moved ten years ago to escape the DC area traffic. There is not enough money in the world to make us move back there.

Good to hear that you're thinking about how the numbers will work out for you.
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Old 11-25-2012, 08:23 AM   #5
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Quote:
Originally Posted by Bestwifeever View Post
Welcome. I used to run retirement calculators before we retired--seeing we would be okay financially (especially when they started to say we didn't need any more saving) was a wonderful sort of secret that made working a little bit easier.

We didn't pay off the mortgage until after we retired; I think the low mortgage rates have changed the current thinking for many folks on that issue and there are several discussions you can search for if you are interested. With those rates locked in, many will choose to never pay it off.
BWE, Thanks for your reply. The conventional wisdom about paying off your house before retirement has been causing me some concern. When I think about it logically, with low fixed rates, it just becomes another input into the retirement needs calculations. I even think that using the mortgage deduction to offset the 401K draw makes it more palatable.

I think I will stop losing sleep over the mortgage, and concentrate on on the 401K and Roth IRAs.
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Old 11-25-2012, 08:27 AM   #6
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Welcome, from another West Virginian, albeit a "transplant". We moved ten years ago to escape the DC area traffic. There is not enough money in the world to make us move back there.

Good to hear that you're thinking about how the numbers will work out for you.
I too am a transplant. Been in the DC area for 15 years, and moved to the eastern panhandle in 2005. I love it in WV, and working at home or driving around in a company car make it doable .
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Old 11-25-2012, 08:41 AM   #7
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I think I will stop losing sleep over the mortgage, and concentrate on on the 401K and Roth IRAs.
There are (seemingly) endless debates on this board about paying off the mortgage and there is no "right" answer as it depends on your own circumstances.
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