ShokWaveRider
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
It never ceases to amaze me about how many folk still have mortgages on their main abode after (or during) retirement. I can understand it on a second home. I read about people refinancing etc. at good rates, not sure if all are retired or not. Would not paying off a mortgage be a main priority first, in order to have an affordable ER or R for that matter. It was certainly a priority for us before we retired the first time. I guess if one has a high steady income or something it may not affect them. But I somehow think that most of us are not in that position. While we are probably comfortable, I would think that NO Debt would be the order of the day. Am I wrong?
I am curious as to how many of us have mortgages on their primary property and perhaps the logic of why if it is not too personal. I live in an area in Florida where about 75% - 85% of my neighbors are retired. For some the homes are seasonal or second homes. I would say from the folk I know, they ALL have paid off their mortgages, and own their homes or both if they are seasonal free an clear. There ar a couple that I do not know either way, but I would think they do. I am in the minority as I still work part time but am similar in that I do not have any debt.
Assuming a retired couple is paying on average $1000+ in this day and age for their mortgage. Does that mean that they have to find that from their retirement income sources.
Or home is worth now about $600k (hopefully) we are mortgage free. This applies to about a $2,000 PM savings IMHO. (I picked that number out of the air because I have no idea really).
What about others here if you do not mind sharing. Also you opinions on having one verses not if it is applicable. And either way how does that effect the retirement quality of life.
SWR.
I am curious as to how many of us have mortgages on their primary property and perhaps the logic of why if it is not too personal. I live in an area in Florida where about 75% - 85% of my neighbors are retired. For some the homes are seasonal or second homes. I would say from the folk I know, they ALL have paid off their mortgages, and own their homes or both if they are seasonal free an clear. There ar a couple that I do not know either way, but I would think they do. I am in the minority as I still work part time but am similar in that I do not have any debt.
Assuming a retired couple is paying on average $1000+ in this day and age for their mortgage. Does that mean that they have to find that from their retirement income sources.
Or home is worth now about $600k (hopefully) we are mortgage free. This applies to about a $2,000 PM savings IMHO. (I picked that number out of the air because I have no idea really).
What about others here if you do not mind sharing. Also you opinions on having one verses not if it is applicable. And either way how does that effect the retirement quality of life.
SWR.