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 :tay: lol.
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.
We will still have our house but plan on downsizing when the time comes. We have the income coming in without touching any investments to pay for everything. If we planned on staying here we would pay it off but its really too big to stay in when we get older. Too much upkeep but for now living at the beach everyone still likes to come home in the summer. Our two DD's live about an hour from here so we probably will move closer to them.
House will be paid off in about 6 years and hoping that all the other debt will be gone way before that. I was debt free but the house back 11 years ago, but stuff happens and you don't work for three years, then you get breast cancer and you have all this extra bills, so my goal is to be retired in about 10 years.
We've been debt free since the last mortgage payment in March, 2009. Dh is disabled and has not worked since the end of 2000. We struggled to keep our heads above water and save since that time. Since I turned 66 and started drawing Social Security I've tried to save most of my income which savings is my only retirement money. DH has a couple of small IRA's which is good but not much. I'm retiring at the end of this year at age 69 (will be 70 in March) and have to tell you even debt free I'm terrified of our financial future. With Obama's changes to Medicare we may end up with a lot more medical expense. Currently we pay around $500 a month for medical insurance and another $200 to $600 a month for non-covered medical. I'm extremely frugal but there is only so far you can stretch a $1. I can see that a few years down the road we could be those people having to decide between food or medicine. If I didn't trust the Lord's provision, I'd never be able to face tomorrow!
That's the plan anyway. However, I cannot possibly predict the state of the world, the economy, my personal life at the time that we decide to 'walk away' towards retirement bliss.
Being a realist, I realize that any number of unplanned scenarios could play out. We could suffer a devastating illness, a lawsuit, a catastrophe, a tragedy.... and on and on....
I do not intend to carry any debt into my retirement. I look at it just as it is - retirement. Retirement from working, retirement from paying for items that I have used, and continue to use for a comfortable lifestyle. Retirement from 'sweating the small stuff', to retirement from my stuff.
I plan to have no debt, little possessions to worry about and care for, and the rest of my lifetime to enjoy whatever I may still be able to do.
With that being said, I concentrate not only on being completely debt-free, but I also know that I need a nice little nest egg to make my dreams become a reality.
So, I continue on with my current lifestyle of upmost frugalism......
Debt free, house paid for, retired. I would strongly urge all who can to be completely debt-free at retirement. None of us know in what ways the economy and the world will change. Several years ago I (and a lot of other people) was making enough in interest from my savings (investments) to pay my property taxes, house and car insurances, and take a little trip. Now, that interest money is gone so I have to save each month to cover them. Not so easy to do on SS and a small pension. But I consider myself blessed and thank God that I have a roof over my head as so many others dont. Do hope I can manage to see the grandkids this year!!
I planned on retiring at 55 but that has been put off until 60 now. But I do plan on been debt free. House will be paid off in about 5 years and the other debt will be way before that, then all that money will go to my retirement for the last 5 years to add to the retirement money that I have been saving already. As long as no other things happen like the past 4 years we should be good.
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