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Will you be deb free when you retire?

  • Heck yes, I'll be debt free long before I retire

    Votes: 96 88.1%
  • no I'll still have debts

    Votes: 10 9.2%
  • Debt free, no I'm leaving my debts to my relatives

    Votes: 3 2.8%
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already debt free but will not have earned the teachers pension until age 70. In order to retire at 65, i need to "buy back" those 5 years.

i need 22,000 to buy back those years. in today's dollars.
 

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gosh i hope so ! currently working feverishly to pay off the cc's (probably will in reality take upwards of 18 months)

... then there's the mtg....and we will work on tackling that next (and staying out of the cc game)...cash from here on out... while we will probably go right up to retirement with the mtg (coz i still believe in investing extra money too...so it will be a 50/50 thing...i won't throw every last dime at the mtg when the cc's are done...i will be diversifying thruout the investment world)... but the debt will be going down as the 'savings stockpile' goes up.... plus dh and i were very diligent about always socking money away before all the '$%@& hit the fan' so when the market recovers we do already have a decent nestegg... (we could go ahead and pay off the cc's now and call it a day but i am letting the zero percents run their course and then i will play it by ear when they expire...)...i have noticed that we are starting to get more zero percent offers again...(they had literally dried up for about 6 months)...here they come again...though the one major change i have noticed is they are all charging a balance transfer fee of 3%...(a few have caps on that of anywhere from $75-150 dollars)...but most are not capping it...so they are making a tidy sum there....we have 3 different cc's with three different zero percent expiration dates...the first which comes due in about 6 months...at that time i will see what is being offered and if i can find another zero without excessive fees i will be transferring the balance...if no such offers are avbl..then we will pay that on off...and so on with the next two....that is why we are throwing money left and right at the cards because we are well aware that we might just have to pay the thing in full and i hate moving interest making money (what little i am making..lol) to pay the debt off... but its a chance we take....

as for the retirement our goals are to have all the rentals paid off (we have about 16 yrs left on the note) we do throw money at that mtg left and right and the plan is to sell 1-2 a year and use that as 'living expenses'... (as of right now we have 16 rentals so that should give us some 'breathing' room in addition to what we have socked away....)

and of course when i retire i will definately downsize...little place (my vote is for an apt or small rental) and that way we can spend the winters somewhere warm..(that is unless i can somehow manage to convince dh to move away fulltime...not holding my breath on that one though)....

i think we are on the right track all the way around now...paying off debt...being frugal and 'pocketing' the difference and in a small way already beginning the 'downsizing' as i look around and see i don't need all this stuff or all this space...(even though we just added another 1/2 a house on our house and totally up-graded the place...while 'I' don't need all this it IS considered an investment in the property as now our home 'fits' in the neighborhood (and i think my neighbors are thrilled about that...we bought the tiny dumpiest house on the street and brought it up to 'standards' of the street) so all monies 'invested' in this place should pay off handsomly sometime in the future....(and unfortunately the property tax man thinks so too...) ugh....

i guess maybe you really do get 'wiser' when you get 'older'.... here's to all us 'smart old people'...:rollsmile
 

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I hope so.... but with DH's health, I never know. We are debt free right now but no health insurance so the worst case scenerio is we lose everything to help him and it would be worth it. If he does passes and I am penniless, I have come to accept it. I will move back to Canada, and work my way to being debt free once again. Now that I have found FV, I know it is possible. I will have no regrets.

Life throws us curves, it is how we drive the road that counts. :)
 

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I hope so.... but with DH's health, I never know. We are debt free right now but no health insurance so the worst case scenerio is we lose everything to help him and it would be worth it. If he does passes and I am penniless, I have come to accept it. I will move back to Canada, and work my way to being debt free once again. Now that I have found FV, I know it is possible. I will have no regrets.

Life throws us curves, it is how we drive the road that counts. :)
deb-cat...you are just a 'saint'...do you know that ???
 
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Gosh darn thanks Jan. :blush:
 

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We are working towards being debt free - but will never assume....never know what will happen. Would love to be!!

Love reading all your success stories!! You are all my mentors!!
 

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We will be debt free in August when our mortgage is paid off! DH is disabled and altho I still work we will still have to be careful with out income. I do not plan to ever get in debt again!


Lynn

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We'll certainly be free of the debt we currently have in the form of a mortgage..we won't deliberately incur anymore...but I've seen a lot of decent people go down over medical bills.
 

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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 :bigglass:, 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!
 

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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.
 

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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.
 

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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.
 

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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
 

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Debt free and other jokes on us

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. :soapbox:
 

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

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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.
 

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God willing we will be debt free.
 

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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.
 
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