Reply to Just bought an $800,000 house on a $186,000 salary and now I'm panicking....

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Reply to "Just bought an $800,000 house on a $186,000 salary and now I'm panicking...."

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP these are the weaknesses in your situation:

You and spouse only save 18,000 per year for retirement and that includes the employer contribution. That seems really, really low. What are your current retirement savings?

You are late 30s with a 30 year mortgage. This house will likely mean you can't retire until your mortgage is paid. But the average retirement age is 61 and most people at that age retire involuntarily. Do you have a plan for how to pay your mortgage if you have to quit your job for health reasons?

She's already a GS 15 so unless she becomes SES, her salary will not keep pace with inflation, so her expensive mortgage will likely never "feel" cheaper due to salary increases.

OP, make a plan to mitigate these issues and you will be fine. [/quote]

Who stays in a house for 30 years?  Not sure why some think you have to pay off your house before you retire.  This is a HCOL area.  A lot of people will move to a lower cost area and it doesn't matter if their house is paid off or not.  Others will want to downsize to a smaller, more accessible place.[/quote]

OP didn't mention any plans to retire to a LCOL. In fact, she said this was her "forever home." [/quote]

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