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Reply to "Anyone transition from big pay/big house/big expense to a low cost, simple, yet fulfilling retirement life?"
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[quote=Anonymous]spending with todays interest rates really doesn’t work if you are older and heading into retirement. if you are like us your interest rate is extremely low with very little balance due to being a homeowner for years. Only way this makes sense for us is to sell our house and buy in cash. The high rates drive prices up so high that i’d end up getting a smaller house that costs me MORE in mortgage. we refinanced our balance of 159k for around 2% and my entire PITI is 2k. Will easily be paid off in the next couple of years, not that that matters since taxes are higher than mortgage payment. hopefully you are young and didn’t rope yourself into the trap of a big house/big payment as you are trying to wind your financial obligations down in anticipation of retirement. [/quote]
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