That’s exactly why we encourage people to start early!Planning for the unexpected and having a nest egg is great in theory. But for the people who live paycheck to paycheck, it's not always an option.
Luckily, we have a nest egg, but about a year before retirement, we bought several things we thought would be needed or wanted in the not too distant future while the income was still coming in and would be paid off before retirement. We didn't want to touch the nest egg unless absolutely necessary. Always waiting for the other shoe to drop!
Yes! AND, start early with a plan to pay off your mortgage. Save in addition as possible, and then try to position yourself to buy your "retirement home" with cash and no mortgage. It is so great to be retired and have no mortgage to pay.That’s exactly why we encourage people to start early!
So true! I paid off the 2nd mortgage on my house with my half of the profit on the house we owned when My Ex and I divorced. 10 years later I started doubling the payment I was making on the mortgage each month and I was ultimately able to completely pay it off two years after I retired. I absolutely love being completely debt free. My vehicles are paid off - I paid cash for the Smart Car.It is so great to be retired and have no mortgage to pay.