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Old 02-08-2013, 06:33 PM   #21
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Re: When the house is paid off... then what?

I think by the time I pay off my mortgage it will be time to move into the old folks home! LOL! Our mortage is huge and we still bought a practically the cheapest house in the city.

Anyway.. If a miracle happened and we paid it off sooner I would definitely do some renos. And then take a vacation annually.

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Old 02-09-2013, 06:36 PM   #22
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Re: When the house is paid off... then what?

Max out yearly retirement.
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Old 02-09-2013, 07:06 PM   #23
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Re: When the house is paid off... then what?

I would max out retirement accounts, give your family a well deserved vacation, and then make plan for the different sinking funds you would like to have. We invest in real estate, and that is what we hope to pass on to our children as well.
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Old 02-10-2013, 09:41 AM   #24
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Re: When the house is paid off... then what?

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Originally Posted by KrisM View Post
How old are you? Based on a rule of thumb, you should have about .5 times your annual income in retirement at age 30, 1 times at age 35, 2 times at 40, 3 times at 45, etc. If you're not close to that, maybe concentrate on increasing that?
I'm 33, DH is 32. We each have nearly 1 year's gross pay in retirement, but it's awesome to read this rule of thumb - I'd never seen it put that way before! Thank you!

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I know you want to be able to leave your kids a nice inheritance but I feel that there is a lot to say about the value in making memories. They will probably really appreciate a large amount of inheritance but family vacations and time spent together might hold more value. (I'm not saying that one has to take vacations with their kids in order to make memories). I hope to do a lot of traveling with my kids as they get older.
Thank you for this perspective. I'm quite certain you're right.
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Old 02-10-2013, 10:31 AM   #25
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Re: When the house is paid off... then what?

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Originally Posted by SenoraE View Post
I'm 33, DH is 32. We each have nearly 1 year's gross pay in retirement, but it's awesome to read this rule of thumb - I'd never seen it put that way before! Thank you!



Thank you for this perspective. I'm quite certain you're right.
My dh and I were talking about this last night and this thread in particular. In regards to making memories, vacations don't even have to be lavish. My dad took us on lavish vacations growing up but looking back I would have loved to see the grand canyon and niagra falls! dh and I took the kids to clearwater florida last year and spent about $1,000 and that included driving, all food, lodging, etc. It was a perfect vacation and all the kids wanted to do was dig in the sand all day and find shells.
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Old 02-10-2013, 05:12 PM   #26
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Re: When the house is paid off... then what?

Quote:
Originally Posted by SenoraE View Post
I'm 33, DH is 32. We each have nearly 1 year's gross pay in retirement, but it's awesome to read this rule of thumb - I'd never seen it put that way before! Thank you!



Thank you for this perspective. I'm quite certain you're right.
Great job! It's just a rule of thumb and has a bunch of assumptions built in, but all retirement estimators do. But, I like that it gives me something to shoot for.
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Old 02-10-2013, 05:19 PM   #27
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Re: When the house is paid off... then what?

Interesting - I like that rule. Right now (we're 34/35) we've got just over one year gross (of DH's salary, I'm a SAHM but started a retirement account when I was working, plus I'll possibly have access to a pension as well). I didn't really have any guidelines, other than START EARLY (so we did )
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