Will you be debt free when you retire?

**jmd5294** · 04-06-2009, 12:19 PM

I would be surprised and disappointed if we weren't entirely debt free in 10 years, which would make us debt free by 41 years old.

I, however, am "retired", since I quit my job to stay at home

, and we were not debt free when I quit, but we had paid off enough that I could quit, and DH's income will pay off the rest!

**staceyy** · 04-06-2009, 02:15 PM

I'm already retired. Dh has 10 more years. We plan on paying off the house with our 401k when dh retires and buying a new car for cash.

**frugalwarrior** · 04-06-2009, 08:57 PM

My initial response is of course. We will have the house paid off in 4yrs.9 mo. and the second in 6yrs. 9 mo. but what about medical. We don't have anything huge now but who knows. How long will my husband be able to work? Jobs in Mi? Were just starting to do a retirement plan-LATE. Will our kids find jobs? How long will they live with us? who knows right.

**Trishagirl** · 04-06-2009, 09:13 PM

We are debt free except for our house so that will take another 3yrs after our youngest goes to college in if we sell the house.

**savvy_sniper** · 04-10-2009, 02:08 PM

I am 54 and hubby is 44. I keep telling him he needs to take better care of himself because he has to take care of me in MY old age. The way he is going, I will be taking care of him!

Hubby and I bought our FIRST home about 1-1/2 years ago. We COULD have purchase a huge 2 store house for $250,000 or more, but we didn't NEED one. We bought a one story, modest home built in the late 70's that has been well maintained for less than $130,000. He will be eligible to retire from the state in 8-1/2 years. We have a big push on to pay off all bills. We will be credit card debt free by the end of this year. We are paying extra on our 30 year fixed mortgage every month. Both trucks are paid for and we have a Harley Davidson we are working hard to pay off. We have savings accounts, CDs, and I have 2 IRAs.

We are also doing all home remodeling/repair with the idea that we will live here until we die! Everything is being done to be as energy efficient as possible and to be handicap accessible (you never know). We purposely bought a one story house for that reason.

Hubby has great benefits with the state. He has a 401k and will draw a nice pension. The state will continue to pay 100% of his health insurance premium and 50% of mine. When we are eligible for Medicare we will have our state health insurance as secondary. It will pay whatever Medicare doesn't.

I have been working from home for over 5 years now. Hubby repairs, builds computers for people in his spare time and will continue to do that upon retirement. He also has taught himself to weld. So there could be some part-time work there also.

I know SO many people that are in debt up to their ears and even if they quit spending and started paying off now they will not be able to afford to retire.

We lived with my mom so I could care for her for 5+ years until she died. I learned SO MUCH about Medicare, Social Security, where and how to look for ways to pay less for things as a senior citizen. There are all sorts of senior citizens discounts - restaurants, grocery stores, department stores, etc.

Mary

**adnama52** · 04-18-2009, 07:22 PM

I am 57 with a husband of 68 and nothing but Social Security and jobs he takes when they call him.
We have one big house that has a mortgage on it and then he inherited his parents house and as we all know nothing in real estate is selling unless you give it away. Maintenance on these are killing us. He had collected vehicles. He is a car NUT. He is one of those that charge it today because he will have the money coming from the next job. Only at his age his health is getting to be a question. I fight a losing battle with him on things of credit when he is not working. He just refuses to see that the water is rising. I have always been frugal because I had to be, he on the other hand just the opposite. Does anyone detect a note of frustration here? I do a lot of praying and trusting that whatever hole he digs God will help me out of.

**Michelle** · 04-18-2009, 07:26 PM

I sure hope so---that is the plan, but you just never know what can happen in life.

**MaryCarney** · 05-07-2009, 12:05 AM

We are totally debt-free, including mortgage at ages 54 and 56. However, we still have two teens to put through college, so we're gonna bust it to get them through debt free like we did the first two.

**banana** · 01-29-2012, 12:19 PM

God willing we will be debt free.

**madhen** · 01-29-2012, 12:53 PM

That is my goal. I have eight years left before I am eligible (and eleven before I am mandatory) for retirement. The only thing I can see maybe still being there is my mortgage, but my retirement income should be enough to knock that out. I have a 30 year mortgage that I signed in 2001. I have been paying more toward principal, but I don't think it will be totally paid by the time I hit retirement age.

**THE GOOD PLAN** · 04-14-2012, 09:27 AM

We should be debt free in less than two years and have the house paid off before I retire. I'm 53 and started late but better late than never!

**bee9984** · 04-29-2012, 08:40 AM

Yes, I should be debt free except for the mortgage in a couple of months, just bought a house a couple of months ago and that should be paid off in 4 years. I only want to semi retire as I love my job so as long as I can stand and move my arms I won't be retiring fully

lol.

**crunchycon** · 05-07-2012, 05:50 AM

We have been debt-free since '06, when we were fortunate enough to pay off the mortgage. DH was "forced" into retirement last year (he does do some freelance stuff), and I carry our benefits, which is the big thing. If it weren't for benefits, and barring some sort of economic collapse, I'd consider retiring at the end of next year, when I turn 55, but I'll continue working for several more years. I'm, again, fortunate to have a steady job (at this time) and a good boss.