How old are you, HHI and how much saved for retirement?
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Anonymous
You're living beyond your means. With such step loans and other expenses you should have bought a less expensive house or should be working. right your reason to not save for retirement may be your mortgage but then in a few years it will be kids' activities or tuition. |
Anonymous
What's the point in making a comment like this? Do you think they're going to sell their house now? You also have no idea of what her earning potential is. It might make sense financially for her to stay home. |
Anonymous
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32/24
HHI: $210K Retirements savings: about $300K We've been plowing a lot of money into home renovation - for our own use and to play on the crazily increasing DC housing market. I think we're sitting on a fair amount of equity - about $300K just from making lucky / smart real estate moves. |
Anonymous
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38 and 40
HHI 275K ~$400k in various 401k/TSP plans (I think it's approaching 450k because of the current stock market) Two federal pensions (both currently feds), and unless our jobs get eliminated, we plan on being fully vested with around 35 years of service when we retire We also have a home that, thanks to the increase in local real estate prices, is conservatively valued at $1.1 million, and we owe ~400k remaining on the mortgage. I think that people overlook home equity when thinking about how much you "have" for retirement. My mother always rented, and once she retired things got very tight. |
Anonymous
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HHI $250K (two salaries)
35/36 DH's 401(k) - $65,000 No student loan debt We cashed out my 401(k) which had $60K to have an adequate down payment for our house (combined with other funds). I appreciate this is frowned on, but it was what we decided to do. We own rental properties so we are counting on those to help float us in retirement. |
Anonymous
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Approx 350K HHI.
38&40, just hit 1M in 401k (combined) 2 investment properties. |
Anonymous
+1. Main reason I moved from Manhattan. I couldn't imagine renting in retirement. |
Anonymous
| 44 and 47, $225K HHI and $750K for retirement (plus one of us has a pension on top of that) |
Anonymous
Agree! I'm a poster up thread and have 2 investment properties. Not only do I want to sell my house in retirement, but want to save all profit and not have to roll it into my retirement. One of those investments is in Scottsdale , AZ where we'd like to retire. We will move into the Scottsdale house that renters paid off and keep all proceeds from the sale of our primary. |
Anonymous
+1. While I'm not particularly interested in home ownership (at all) and don't own right now -- I view home ownership as part of retirement planning bc I really don't want to be in a position in retirement where my income is fixed but my rent goes up hundreds of dollars/yr. Felt the same way when I lived in Manhattan -- what do you do if your retirement is budgeted just so and there's a huge rent increase OR even if you own and there's a jump in maintenance or an assessment bc the building needs a new roof or something?? Don't know how I'll make it work bc I like the flexibility of renting -- i.e. being able to switch job locations etc. Maybe I'll buy 5-10 yrs before retirement with a huge down payment. Honestly it's also why I'm somewhat considering a rental property -- equity will be built someplace even if I don't live in it and even if it costs me a few hundred a month if renters don't cover every single cost; then when it's paid off, I can either live in it or sell, cash out, and use that cash to buy someplace else. Is that irrational?? |
Anonymous
It's rational if you'd actually consider living in the property and your rental income would cover the Piti and repairs. Also need to consider whether you'd need a 15 year or less mortgage so you could have it paid off in time for retirement. |
Anonymous
I'm a big advocate of home ownership, but if you don't want to own your primary residence, you absolutely should be doing this at a minimum. I own a rental on the Florida Gulf Coast and the renters are paying for my future final residence. Taxes are non existent and we just became profitable, which we put right back into the house. We have a healthy 401k, and hope to cash out a good 2m in real estate that goes into our pocket. |
Anonymous
We're in our 40s, had an HHI of $180k but my company just shut down so now we've got my husband's income of $120k plus what I can cobble together consulting until I find something steady again (not so easy in my field). We have about $80k between us in retirement accounts, and no savings outside of that. Bought a house recently - our first - that we think has about $50k equity in it now since we got a good deal (but we owe $330k on it at the same time). Still owe $58k on student loans. No pensions, no inheritances, no backup plan outside of taking care of ourselves. I guess as in so much of life, we are extremely lucky to have what we have and be better off than so many others, and I am scared to death about running out at the same time. My husband doesn't worry at all; he thinks we will be just fine. |
Anonymous
400K paid off is damn good. Nothing to sneeze at. 33, 73k, 140K saved. One child. |
Anonymous
Mind your business and worry about yourself. |