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Primarily I am asking for those that paid off their houses well before retirement (age 45-55). However, those that paid it off after 55 can post as well.
My main question is how did your quality of life improve after your mortgage was paid off. After having your home paid off did you:
1) Invested on rental properties
2) Stayed put and updated/renovated your house
3) Just simply saved more
4) Traveled more
5) Decided to simplify your life and take on a job with less responsibility but less pay as well
6) Decided to travel part of the year and go back home for other parts of the year
7) Any other
It just seems as if/when the day comes when my house is finally paid off I may experience more of a peace of mind in the financial aspect. I know there are still taxes to be paid, repairs to take care of, and bills to pay. However, I would think it is MUCH less stressful in the event that one loses their job. Also, having more discretionary money sure helps fulfill the urge to travel.
Primarily I am asking for those that paid off their houses well before retirement (age 45-55). However, those that paid it off after 55 can post as well.
My main question is how did your quality of life improve after your mortgage was paid off. After having your home paid off did you:
1) Invested on rental properties
2) Stayed put and updated/renovated your house
3) Just simply saved more
4) Traveled more
5) Decided to simplify your life and take on a job with less responsibility but less pay as well
6) Decided to travel part of the year and go back home for other parts of the year
7) Any other
It just seems as if/when the day comes when my house is finally paid off I may experience more of a peace of mind in the financial aspect. I know there are still taxes to be paid, repairs to take care of, and bills to pay. However, I would think it is MUCH less stressful in the event that one loses their job. Also, having more discretionary money sure helps fulfill the urge to travel.
My situation is similar, but not completely analogous. I sold my house in 2009 at age 53, retired last March shortly after my 54th birthday, and then moved to a less-expensive city. I used the proceeds from the sale of my previous residence to pay cash for my new house, thereby eliminating the need for a mortgage. Because I no longer have a house payment, I have more discretionary money to use for travel.
My wife and I just returned home two weeks ago from a six-week trip to South America, visiting Brazil, Uruguay, Argentina, Chile, and Peru. Next month we are taking a transatlantic cruise from Ft. Lauderdale to Rome, with intermediate stops in Spain, Portugal and Monaco. We'll then spend a week in Rome after the cruise before flying home to Las Vegas. In the fall, we will reverse the process by flying to Rome first, spending a few days in southern Italy, and then boarding a cruise ship for the return trip to Ft. Lauderdale, followed by a few days in Miami. We'll probably plan a trip for sometime this summer as well.
With no mortgage payment, no state income tax, no retirement contributions or Social Security deductions to be paid, our discretionary monthly income is actually higher than it was when we were working. So yes, our quality of life has improved greatly and our stress levels have decreased. My BP is down 15-20 points from 132/97 to 117/78.
I have invested in rental properties and have been also paying them off. The purchases have overlapped, ladder-style. I'm near the end of paying the last two off. I also have a 'real job' and have been maxing out the 401K for many years and contributing to a Roth IRA.
I also expect to have a much larger income in retirement...fingers crossed.
We did about 6 years ago and yes the quality of life is better without a huge house payment. It has made it possible for us to purchase investment real estate, not rentals, but fixers that we renovate and then sell.
My goal when we retire is to sell our house and combine that with our inheritance and pay cash for the next house. Since the inheritance was a windfall we didn't expect to get, it was never included in our retirement planning....
Mine will be paid off in about 2 years (I'll be 55) and I own a small rental house as well.
It won't make a huge difference in my quality of life though...depending on the economy/housing market, I will probably purchase another rental property.
I'm 51 and DH is 57. Timing was perfect in paying off our mortgage, because I was laid off soon after. There was no pressure for me to find another higher paying job (there are none to be had), go back to school, or commute long distances. I was able to take a low stress part time job close to home. I've never been happier.
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