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Hello from Wild & Wonderful WV
11-24-2012, 03:52 PM
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#1
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Recycles dryer sheets
Join Date: Nov 2012
Location: Kearneysville
Posts: 237
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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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11-24-2012, 03:54 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
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Welcome, Sniggle.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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11-25-2012, 06:18 AM
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#3
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,773
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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.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
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11-25-2012, 06:27 AM
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#4
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,290
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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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When I was a kid I wanted to be older. This is not what I expected.
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11-25-2012, 07:23 AM
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#5
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Recycles dryer sheets
Join Date: Nov 2012
Location: Kearneysville
Posts: 237
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Quote:
Originally Posted by Bestwifeever
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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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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11-25-2012, 07:27 AM
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#6
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Recycles dryer sheets
Join Date: Nov 2012
Location: Kearneysville
Posts: 237
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Quote:
Originally Posted by Walt34
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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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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11-25-2012, 07:41 AM
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#7
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,290
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Quote:
Originally Posted by Sniggle
I think I will stop losing sleep over the mortgage, and concentrate on on the 401K and Roth IRAs.
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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.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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