If you're going to retire at the age of 51 and you're concerned about paying your mortgage, you aren't ready to retire. Oh - you can think about it. But dooon't do it.
All I'm going to offer is, if you have investments of adequate cash value, and they are making a higher interest rate than your mortgage rate, then it's to your best interest to continue to pay the mortgage rather than pay it off out of your investments as that will end up costing you more in the long run. Investments pulling 13 percent...mortgage at 3 percent. 10 percent advantage to you if you keep paying the mortgage. Assuming the investment is at least equal to the outstanding balance of the mortgage. Don't become debt free and fully paid off if it impedes your earning potential. Put all you can into the highest yield investments you can, and that means continue to tote the note on liabilities that have a lower interest rate. And...generally speaking, NEVER RENT. Rent is lost equity. If you're going to pay a thousand a month to have the use of a piece of property, it's almost always better to be building equity in it that you can get back...or hopefully at least most of it...when you sell. But money spent on rent never comes back.
what I do is: Step 1 - Move to california Step 2 - Find a house where the family left for vacation Step 3 - Move in when they're gone and change the locks Step 4 - When they come back, claim squatter's rights and let it tumble through the california legal system for years Step 5 - if the law kicks you out, start over again at step 2.
step 3½... get a utility in your name, at the property... That's how you get tethered to the property & they can't kick you out...
OP POSTING.... 5 years later. Today I'm getting by very well. Very, very well. After this post from several years ago, I'm receiving 100% VA Disability. That's a $3,600 (tax free) chunk of change on top of pension. And I pay NO PROPERTY TAXES. I live in a very nice 1.680 sq foot bilevel with pellet stove. The $$$ is rolling in it's OBSCENE!!!
Home Sweet Home. It's the only house in neighborhood with SUPER SIZED windows. Sucks during winter. I installed a pellet stove in living room, 1st floor. I grew up in a bilevel. I didn't make the connection till 2 years later.
