Reply to What's your "number"?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We'll probably sell our house. We can't pay off the mortgage before we retire because we bought it in our late 40s and the mortgage is too high to pay when we aren't working. We'll probably sell and downsize.[/quote]

If the above is true you can't afford your house NOW. The sooner you realize that the more secure your retirement will be. [/quote]

Could you explain?

Also, if we sell now we will lose money after closing costs and other fees and we won't have enough to buy another houses. Don't many people downsize when their kids move out and get a smaller house or condo? We need to own our house long enough to gain equity and appreciation.[/quote]

Not the PP, but in my experience you are part of a growing population.  Until recently, everyone I know planned to have their house paid off by the time of retirement, usually by shorter term mortgages.  But, recently, I'm hearing of people who will have a mortgage into retirement.  That seems like a huge financial burden when your income is reduced.  I think that's what PP is talking about.

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