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Retiring early March 1 of 2019 .Pay off house or continue house payments?

  1. #61
    Join Date
    Jul 2013
    Location
    NE Victoria Australia
    Posts
    874
    I bought my new home when I was retrenched
    Paid cash Not a single cent on interest !!

    Started up investing but after a couple years was losing money including paying our financial adviser


    Pulled it all out and in bank for long deposit
    Sometimes I wake up grumpy
    Other times I let her sleep

  2. #62
    Join Date
    Jul 2016
    Location
    bayside ,queens , ny
    Posts
    1,309
    Why would you think that investments are short term deals going in ?

  3. #63
    Join Date
    Oct 2017
    Location
    Far NW Chicago 'burbs
    Posts
    458
    Quote Originally Posted by mathjak107
    .......but for those with accumulated assets to invest or buy it is a different picture and renting may allow far greater wealth creation even after accounting for housing costs .. all cash sales account for 30-40% of all residential sales , so there is lots of people with lots of resources out there who can certainly have choices .
    Do you know where you got that number? I've read this:

    "....The share of cash sales to residential sales continued to trend down, to 21 percent in 2017[1], down from 23 percent in 2016, according to the December 2017 REALTORS® Confidence Index Survey.[2] From 2011 through 2013, the share of cash sales hovered at 31 percent.

    There are fewer cash buyers in the market, with fewer distressed properties for sale and less interest from investor buyers as home prices have ramped up steeply since 2012 (61 percent increase in the median home price of existing homes sold since 2012).....".

    Of course, those numbers may well vary by region.
    Growing old is like being increasingly penalized for a crime you haven't committed.

  4. #64
    Join Date
    Jul 2016
    Location
    bayside ,queens , ny
    Posts
    1,309
    According to CoreLogic’s report, cash sales made up 32.1% of all home sales in 2016, falling 2.2% from 2015’s total. That’s the lowest annual cash sales share since 2007, when cash sales accounted for 27% of all sales..

    i think the 2017 numbers were lower and i have not seen 2018 yet ..

    but throughout history cash sales represent a healthy portion of transactions

  5. #65
    Join Date
    Oct 2014
    Location
    the Thumb
    Posts
    810
    Let’s say you owe on the house andhave enough retirement coming in to pay along as you enjoy life. YOU get sickall your money goes to doctoring and nothing is left to pay house, bank takes houseyou have no place to live..... House paid off, you give doctors what you can andlive in house-no one can take house if no one is owed on house.

  6. #66
    Join Date
    Jul 2016
    Location
    bayside ,queens , ny
    Posts
    1,309
    Quote Originally Posted by ronaldj View Post
    Let’s say you owe on the house andhave enough retirement coming in to pay along as you enjoy life. YOU get sickall your money goes to doctoring and nothing is left to pay house, bank takes houseyou have no place to live..... House paid off, you give doctors what you can andlive in house-no one can take house if no one is owed on house.

    no , wrong logic ... you still need to afford the house ... you would have just that more in cash if it wasn't buried in the house ..you are trying to make up a situation that really does not have much logic ...you still need money to cover all those expenses .. in fact the longer you own the house the less likely a paid off mortgage may even be a factor compared to all the other expenses over time ..

    our first homes in the 70's were 30-35k .. today that paid off mortgage does not represent the utility bills in size. taxes may be 8-15k on that paid off house 35k ... so there really is little logic in what you are saying ...there are always expenses that go with a house and over time those expenses can eclipse the mortgage , and don't pay the taxes and see how long it stays yours

  7. #67
    Join Date
    Nov 2014
    Location
    central Missouri
    Posts
    5,056
    Mortgage payments....and Any kind of debt...in retirement, can be a real drag on life in retirement, IMO. A person needs to recognize, when they are young and working, that they, too, will one day get old and retire. Knowing that, those who are wise begin to save and invest at an early age. One of the Very Few things our government has done for Seniors is the IRA/401K plans, which if utilized when young, can substantially enhance a retiree's lifestyle. Social Security barely keeps a person above the poverty levels, and fewer companies, every year, are offering decent pensions....so it is becoming more and more important for individuals to try to prepare themselves for their elder years. People who wait until they are nearing retirement age before they start saving will probably be in for some disappointment.
    Things get better with age....I'm approaching Magnificent.

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