Is it common among people with pensions - that they're not too worried about paying off their house upon retirement, especially now that interest rates are low?
As I doing my daily walk/jog this morning, I met a neighbor. And he asked me if I was retired, and I said 'not yet, but maybe in 1-2 years'. Turns out he's been retired for 7 years since 2014 and worked in the same workplace as I have but I joined that workplace in 2017, after he left. He retired at age 62 and immediately got Social Security and has a Pension, so he's 69 yrs old now. I asked if he paid off his mortgage when he retired, and he said 'Nope, and I still have more than $100,000 at 3.25%'.
Another neighbor I talked to the other day who retired at 61 years old and is now around 67 years old also told me she didn't pay off her mortgage and didn't even make a big payment. Still has more than $100,000+. She said she's comfy with her Social Security and her pension. She says her pension, SS, and seasonal income from her family's small farm makes her comfy leaving her mortgage as is.
I don't have a pension and just rely on SS, 401K and IRA, so I feel like I need to pay off my house .. I have a Heloc now and I've been accelerating payments. I also read in some articles that more and more seniors are now retiring with a mortgage. I have a feeling that none of my retired neighbors have paid their homes.
As I doing my daily walk/jog this morning, I met a neighbor. And he asked me if I was retired, and I said 'not yet, but maybe in 1-2 years'. Turns out he's been retired for 7 years since 2014 and worked in the same workplace as I have but I joined that workplace in 2017, after he left. He retired at age 62 and immediately got Social Security and has a Pension, so he's 69 yrs old now. I asked if he paid off his mortgage when he retired, and he said 'Nope, and I still have more than $100,000 at 3.25%'.
Another neighbor I talked to the other day who retired at 61 years old and is now around 67 years old also told me she didn't pay off her mortgage and didn't even make a big payment. Still has more than $100,000+. She said she's comfy with her Social Security and her pension. She says her pension, SS, and seasonal income from her family's small farm makes her comfy leaving her mortgage as is.
I don't have a pension and just rely on SS, 401K and IRA, so I feel like I need to pay off my house .. I have a Heloc now and I've been accelerating payments. I also read in some articles that more and more seniors are now retiring with a mortgage. I have a feeling that none of my retired neighbors have paid their homes.