Reply to Retiring income will be about 12k monthly BEFORE TAXES

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The whole "my house is paid off" thing is so overrated and not necessary to a comfortable retirement.

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It is to us. [/quote]

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. [/quote]

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?[/quote]

Why pay a bank interest when you could be investing your monthly rental income and living debt free?[/quote]

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