2006-08-18 11:40:39 · 14 answers · asked by cdngal64 1 in Business & Finance ➔ Personal Finance
The truth is mortgages and debts are only half of the equation. You have to determine if you have assets or income enough to carry debt into retirement. Some people will actually make more when they retire than they do now because they invested wisely.
2006-08-18 11:47:02 · answer #1 · answered by Jessica M 4 · 0⤊ 0⤋
Well, I'm happily retired and still have a mortgage, although no other debt. Rather than pay off the mortgage, I have invested the money to earn a higher rate of return and maintain some financial flexibility. Keep in mind that the mortgage interest deduction is one of the few tax deductions available to the ordinary person.
2006-08-18 11:47:01 · answer #2 · answered by Emperor Tom 2 · 0⤊ 0⤋
Simple answer have you looked at what you will need to retire?
When planning you wnat to take a look at how much each year you will need then figure out if you are there.
General rules of thumb:
1. Compute what amount of money will give you about 70% of your current income for 40 more years at least, if you are 50 or younger.
2. Add in, inflation to your income generally 3-4%/ year
3. Find out if you are eligible for medicare (you must be 65) if not how much will medical insurance cost you until 65
4. Will you need extra money for special occasions. Future childs/grand childs college, a special vacation you want to take or unexpected medical expense
After those numbers are crunched if your mortgage is affordable, it is fine to have one.
Ask me any questions if you want further details.
2006-08-26 06:30:36 · answer #3 · answered by Happy to help 2 · 0⤊ 0⤋
If you are more responsible I think you will not retire when you still have debts to service. Personally I do not want my children or family members to help service my debts - they have their own commitments as well!
Even if I do not have debts to service, and I have millions in my bank account, the chance is that I will continue working - although maybe on a lower profile as long as my health is fine.
2006-08-18 12:01:06 · answer #4 · answered by JP E 4 · 0⤊ 0⤋
I would work till those are paid off even if I have to get a second job after retirement... and then I would retire peacefully
2006-08-18 11:46:42 · answer #5 · answered by kitkool 5 · 0⤊ 0⤋
retirement is overrated if you retire you sit home and count cars passing by and watch tv all day because you are scared to spend to much money cause you only have a limited budget for each month.Keep working you will be better off.
2006-08-18 13:21:39 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I am retired and I still have debts, but if I die they're all paid off. So live and let lvie.
2006-08-24 12:18:51 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I would consolidae my debts and retire with zero debt:
Ways to Consolidate Debt
http://www.debt-explained.com/category/Ways-to-Consolidate-Debt.html
2006-08-18 21:39:49 · answer #8 · answered by Anonymous · 0⤊ 0⤋
you always have debts. but as long as you keep them under control, you can retire.
2006-08-26 08:12:45 · answer #9 · answered by onelonevoice 5 · 0⤊ 0⤋
I would, and i havent left college yet!
The inevitable mortgage for a nice house is what keeps me working...
2006-08-18 11:46:21 · answer #10 · answered by englishkeymaster 3 · 0⤊ 0⤋