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]

However, what pp isn't considering is that DC has become an unusually expensive place to live, so people's houses consume a greater portion of their net worth here than in other locations.  My dh and I could retire tomorrow on our savings, quite comfortably, IF we took the equity out our house and bought a house (with no mortgage) in a lower cost area.  In many areas we've looked at, we could buy a nicer house than we have now.  While we're working, we can easily afford our mortgage and save for retirement.  However, we'd need to work quite a bit longer to be able to afford to retire here in our current house.  [/quote]

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