Retiring income will be about 12k monthly BEFORE TAXES

[Anonymous]

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Anonymous wrote:The whole "my house is paid off" thing is so overrated and not necessary to a comfortable retirement.

It is to us.

Right. If you’re not working during “retirement,” a paid mortgage is very nice. Not only does it decrease cash flow needs, but it’s savings for a future need, like a nursing home. For a lot of retirees, they aren’t trying to pile-up big stock market returns and leave an oversized sum to their kids. Rather, they’re just trying to live a peaceful life without burdening their kids. Peace of mind is where it’s at.

That's a very narrow minded an unsophisticated way of looking at things. We, for example, own a $1.8 million rowhouse with a basement apartment and are retired. We have a $700,000 mortgage on the house that we could pay off tomorrow. Instead, we rent out the English basement apartment for almost exactly what the mortgage is. Why would we want to be sitting on $1.8 million in home equity that we can't touch?

I bc would never want to be a landlord/have renters. Everyone’s different.

I see. So you'd prefer to have an empty and unused apartment under your feet? Ok.

YES!!!!! And privacy and autonomy. I wouldn't even live in a row house again. I did in that Europe and it was awful. I suppose it's all what you're used to. Growing up wealthy in a SFH and being able to afford a large SFH in the city is a luxury I'm not willing to give up when I get older for a few extra pennies.

See, I'm not willing to give up walkability for a large SFH. Where in DC are there large SFHs in truly walkable neighborhoods?

Cleveland Park/Cathedral Heights area.

I said "truly walkable." Those neighborhoods both have walk scores of 77, and are ranked 26th and 27th among DC neighborhoods for walk scores. They're basically suburbs.

No they aren’t. They are not like a real suburb which really isn’t walkable and I prefer that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The whole "my house is paid off" thing is so overrated and not necessary to a comfortable retirement.

It is to us.

Right. If you’re not working during “retirement,” a paid mortgage is very nice. Not only does it decrease cash flow needs, but it’s savings for a future need, like a nursing home. For a lot of retirees, they aren’t trying to pile-up big stock market returns and leave an oversized sum to their kids. Rather, they’re just trying to live a peaceful life without burdening their kids. Peace of mind is where it’s at.

That's a very narrow minded an unsophisticated way of looking at things. We, for example, own a $1.8 million rowhouse with a basement apartment and are retired. We have a $700,000 mortgage on the house that we could pay off tomorrow. Instead, we rent out the English basement apartment for almost exactly what the mortgage is. Why would we want to be sitting on $1.8 million in home equity that we can't touch?

I bc would never want to be a landlord/have renters. Everyone’s different.

I see. So you'd prefer to have an empty and unused apartment under your feet? Ok.

YES!!!!! And privacy and autonomy. I wouldn't even live in a row house again. I did in that Europe and it was awful. I suppose it's all what you're used to. Growing up wealthy in a SFH and being able to afford a large SFH in the city is a luxury I'm not willing to give up when I get older for a few extra pennies.

See, I'm not willing to give up walkability for a large SFH. Where in DC are there large SFHs in truly walkable neighborhoods?

Cleveland Park/Cathedral Heights area.

I said "truly walkable." Those neighborhoods both have walk scores of 77, and are ranked 26th and 27th among DC neighborhoods for walk scores. They're basically suburbs.

No they aren’t. They are not like a real suburb which really isn’t walkable and I prefer that.

77 is high for a SFH. The score for my suburban city house is 27....

[Anonymous]

To the poster with the rental unit, your math is flawed. You paid for that potential rental income when you purchased your home. If I wanted rental income I’d get an apartment, not have someone so close to my home. It’s not like a place without a rental basement is selling for the same price as one with a rental basement.

[Anonymous]

Anonymous wrote:To the poster with the rental unit, your math is flawed. You paid for that potential rental income when you purchased your home. If I wanted rental income I’d get an apartment, not have someone so close to my home. It’s not like a place without a rental basement is selling for the same price as one with a rental basement.

Not the poster you're talking about, but you obviously don't live in/near downtown DC. There are literally thousands of rowhomes in town with English basements. They're almost standard in some neighborhoods. If you want to live there, you either buy a rowhome with a potentially income-generating basement apartment, or you buy a condo. The first choice makes much more economic sense.