11-13-2016, 11:27 PM
(11-13-2016, 10:58 AM)RolloTheGreat Wrote:That sounds like a good plan. My own plan personally is to sell my house when I retire and then buy a cottage to live in during the summer, and then a winter condo of some sort somewhere warm like Florida or California. I would like to become a "snowbird" when I retire. I have lots of time to think about it. The nice thing is that real estate is dirt cheap in a lot of the warm places in the USA. A lot of Canadians bought up properties in Arizona when the market crashed a few years ago.(11-13-2016, 06:28 AM)SickBeast Wrote: We have thought about buying a more expensive house as well, however like you it would mean it would take 5 more years to pay off the mortgage. So we would have to sell the house when we retire. As it stands right now my house will be paid off one year after I retire. And I can probably make up the one year difference by making some extra payments over the years. We still might move though. We will see. They say that a mortgage is a good debt. I wouldn't worry about it if I were you. And honestly just retire when you are ready. I'm sure you will come out ok either way so long as you are willing to cut back your spending.
I'm not worried about it, just planning for it so I have enough cash to live on. Anyway you cut it, it's going to be less than I'm used to. On the other hand, my needs are pretty simple. I plan to move to a condo on a lake so I can divide my time between that water and my cabin.
My pension is quite good and I should be able to retire nicely at a relatively young age. I do have some concerns, though. I'm not convinced that my pension will remain intact in its current form for when I retire. We will see. At the end of the day the government can do pretty much anything it wants. Did you hear about Act 10 in Wisconsin? What a disaster for the teachers there, I feel really sorry for them.