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The logic has to make sense .the story you handed us has no financial basis at all …all it showed was you exhibited poor investor behavior …so you got burned while markets went on to new highs.
The excuses you tried handing us why retirees shouldn’t invest were just a lot of nonsense in practice …the fact is that retirees have been using portfolios ranging from 40 to 60% equities with great success over 121 30 year rolling retirement timeframes
My example had nothing to do with the stock market MathJak. It was a social security example for the little guys (who I personally know well and relate to).
The fact that you can only see life one way has nothing to do with me.
My example had nothing to do with the stock market MathJak. It was a social security example for the little guys (who I personally know well and relate to).
The fact that you can only see life one way has nothing to do with me.
Not true at all …you posted bologna about why retirees shouldn’t invest if they are supplementing their social security with their own money .
But this isn’t a discussion for here and it was already shown to you with Facts why that logic is wrong because the less you have the more efficient you need to make that money work for you and last.
So you can continue This in the proper thread if you want
Not true at all …you posted bologna about why retirees shouldn’t invest if they are supplementing their social security with their own money .
But this isn’t a discussion for here and it was already shown to you with Facts why that logic is wrong because the less you have the more efficient you need to make that money work for you and last.
So you can continue This in the proper thread if you want
Yes, based on the Heading/Title of that Post I veered into Non-Investor territory... I guess I am the only person on CD that ever goes off subject (ever).
I just refinanced with cash out to get completely out of other debt (have been quite careless). My new mortgage will be 2.99 !! and 30 years of payments. I only want enough equity to be able to get out okay if I need to move or sell. If I had to do it tomorrow, I'd get about 200k from equity.
I didn't see any reason to knock myself out to pay it off. I need to leave no estate (am leaving all to the animal shelter) and will have enough fixed income to make the payments regardless.
Of course, I have to grow up and not run up debt but paying off what I have should work really well. I live quietly and will have enough money aside from the mortgage to do what things I want (like eat out, ride horses). No interest in travel or "stuff." I donate a fair amount also.
Has anyone else decided that owning one's abode isn't the necessary way to go?
Good for you! We are in a similar situation.
When we retired, we sold our old house on 1 acre, and built a smaller house on ten acres. Our new mortgage is also a 30 year, and is 6.35% of our income, so there is no over-riding need to pay it off. Our equity in the old house was used for the build, so no IRA investments were touched. Your method worked just fine for us, too.
Last edited by MichiganGreg; 12-24-2021 at 05:31 AM..
Reason: Changed "investments" to "IRA investments". Subtle change...
Well, mine has a gas boiler and a heat pump system, so I guess I have the equivalent.
On the thread topic, I had paid off my old bungalow in 2018 and was ecstatic. Then I had my heart attack and felt I needed to move to the town where the hospital and my doctors were located since my old house was in a medically underserved area and I live alone. Buying a house in town meant a mortgage. I got a decent rate but have dropped the rate 3X since (it's a special loan my credit union has; I can drop my rate without refinancing). I've put a lot of improvements into the house and plan to stay for the foreseeable future. The house has already appreciated a good deal and anyway, I'm leaving my estate to whatever rescue will care for my remaining cats.
Or even live in the really nice subsidized apartments we have here - but no - make too much dinero.
I hate having to be responsible for repairs, yardwork etc.
me too. when I moved here I told myself 10 yrs, then I'd reevaluate everything-health, finances, location,
Only 2 yrs to go but now I'm thinking a senior development sounds good. Only problem is I'd have to relocate. Not sure about that. I basically like this area.
time will tell. Maybe by then I'll win the lottery and....oh wait-I don't buy lottery tickets. Another plan gone kafooey.
Well, mine has a gas boiler and a heat pump system, so I guess I have the equivalent.
On the thread topic, I had paid off my old bungalow in 2018 and was ecstatic. Then I had my heart attack and felt I needed to move to the town where the hospital and my doctors were located since my old house was in a medically underserved area and I live alone. Buying a house in town meant a mortgage. I got a decent rate but have dropped the rate 3X since (it's a special loan my credit union has; I can drop my rate without refinancing). I've put a lot of improvements into the house and plan to stay for the foreseeable future. The house has already appreciated a good deal and anyway, I'm leaving my estate to whatever rescue will care for my remaining cats.
Yeah, it's better to have your needs met while you're alive rather than worrying about leaving the house completely paid off when it's just going to be sold anyways... I've had more than one medical event where I had to make some drastic changes and where for years afterward I dealt with repercussions (still am)... I don't think you asked "is this ideal?" I think you asked is anyone else doing it.
Condos are the only kind of home in which I had ever lived, so I can't imagine changing that in the old age. Also, psychologically, I can live only in a large city. If I live, I intend to own multiple condos until the age of 84, and a single condo until 95, then see what things look like (I have to make long-term plans, since one of my father's aunts just recently died, in her sleep, at the age of 108, plus there were more 100+ year old relatives on that side of extended family, plus my grandfather lived to 99. I physically and healthwise mostly resemble that branch of the family. Also, both of my parents are alive & functional & couple of years older than my current average life expectancy of 85).
Rents tend to be vulnerable to inflation, and for that reason I would definitely not want to rent until my mid-90s, or until I am clearly terminally ill. Plus, I like to own my little space. I have never had a mortgage, but if you are investment-minded, I suppose you can play with mortgage % conditions, and factor that into your schemes :-). I am just not into that, other aspects of life interest me more.
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