Ask A Retired Person, Retirement FAQ. ( ON TOPIC )

[TBH]

I jokingly mentioned to my daughter that I couldn’t wait for NY to legalize pot.

She non-jokingly said I would never see my grandkids if I did.

Tell her she needs to take it easy! Oh yea, I don’t expect to hear from you since you are now incognito!

 

[siouxman]

I'm a long ways off from retirement but knowing when to go shouldn't be too terribly hard.


Pay off your home is probably the biggest thing but also don't be afraid to move.


If you're in a house that's much too big or in a state that's bending you over on taxes and you can't afford it pack up and move.

I was advized not to pay off my home for tax purposes. We have the money to do it but are following tax advisor advise,

 

[olroadbeech]

I was advized not to pay off my home for tax purposes. We have the money to do it but are following tax advisor advise,

I respectfully disagree.

Dave Ramsey , the best selling author and radio financial personality made a good point when he asked a caller this question.

( from my best memory ) "So you would rather pay $12,000 in interest on your mortgage payment to save $3000 in taxes? That does not make sense."

do some of your own homework on this question. I would rather pay a couple more bucks in taxes than pay the thousands in extra interest on a mortgage loan. With our home paid off and our retirement income being so much less than when i was working , our taxes are very low anyway.

plus, I was able to retire about 5 years early because of no mortgage payment. We saved over $130,000 in interest by paying off our home in 17 years rather than 30 years.

too us , that piece of mind is priceless.

 

[BrownFlush]

We did the same thing.

 

[siouxman]

I respectfully disagree.

Dave Ramsey , the best selling author and radio financial personality made a good point when he asked a caller this question.

( from my best memory ) "So you would rather pay $12,000 in interest on your mortgage payment to save $3000 in taxes? That does not make sense."

do some of your own homework on this question. I would rather pay a couple more bucks in taxes than pay the thousands in extra interest on a mortgage loan. With our home paid off and our retirement income being so much less than when i was working , our taxes are very low anyway.

plus, I was able to retire about 5 years early because of no mortgage payment. We saved over $130,000 in interest by paying off our home in 17 years rather than 30 years.

too us , that piece of mind is priceless.

Typically your at the end of your mortgage and most of your interest is paid (not all)

 

[olroadbeech]

Typically your at the end of your mortgage and most of your interest is paid (not all)

Not really. How could I save $130,000 in interest payments? I started by adding an extra $100 a month . Then more and more as time went by. Sometimes I would add my federal tax refund.

when I finished paying off the mortgage the company sent me a statement on how much I paid versus how much I would have paid if I did the whole 30 years. 130K savings Brother.

 

[1989]

Not really. How could I save $130,000 in interest payments? I started by adding an extra $100 a month . Then more and more as time went by. Sometimes I would add my federal tax refund.

when I finished paying off the mortgage the company sent me a statement on how much I paid versus how much I would have paid if I did the whole 30 years. 130K savings Brother.

Look up an amortization schedule. At the beginning you pay more interest. Say a 200K loan over 30 years @ 5% interest. On your first payment, $240 will go to principal and $833 goes to interest. Your last payment $1069 to principle $4 to interest. The higher your interest rate the more you save making extra payments. You save more making the extra payments towards the beginning of the loan.

 

[toonertoo]

I did nothing right. I did not plan. I did put away a few bucks, not nearly what I should have. But it was time to go. My body and my mind told me. Sick of the crap. So I left, and here I am killing it.

 

[toonertoo]

Anyone else receiving their ups retirement from 3 different sources?

I am

 

[toonertoo]

How did you know when it was time to go?

When I would feel sick and hating Sunday night.

 

[IVE GOTTA PACKAGE 4U]

When I would feel sick and hating Sunday night.

That's every Sunday

 

[1989]

That's every Sunday

U gotsta go

 

[IVE GOTTA PACKAGE 4U]

U gotsta go

Working on it

 

[Indecisi0n]

Do you old guys ever get bored of just sitting around watching your grass grow all day?

 

[IVE GOTTA PACKAGE 4U]

I did nothing right. I did not plan. I did put away a few bucks, not nearly what I should have. But it was time to go. My body and my mind told me. Sick of the crap. So I left, and here I am killing it.

But you didn't live beyond your means.

 

[retiredTxfeeder]

Do you old guys ever get bored of just sitting around watching your grass grow all day?

 

[silenze]

I was advized not to pay off my home for tax purposes. We have the money to do it but are following tax advisor advise,

how the heck are you making that much you can itemize your deductions?

 

[IVE GOTTA PACKAGE 4U]

Hi Rob

 

[silverbullet2893]

YESSSS

 

[olroadbeech]

in August social security. that makes 4 sources of income. pension, SS, 401k, and IRA.

more than I was making working full time. ( withdrawing 3.5% from 401 and Ira...but not taking from these 2 sources yet )

just pension and SS is about 68k a year.

planning baby.