Will you be enjoying your retirement years, secure in owning your own home? Or will you be sweeping the floor at a fast food joint just to get by? Please don’t make one of the biggest mistakes of your life by ignoring this issue.
A new survey* says 83 percent of respondents don’t want to leave their homes when they retire. They don’t want to be forced into a low income housing because they can no longer afford their mortgage. They’ve worked hard all their lives and they want to enjoy their home.
Not only that, but the survey showed almost no one wanted to rent!
If you are 40 years of age or older, now is the time to think about your mortgage. What do you need to do in order to set yourself up for a happy life later?
If you have 20 years or more remaining on your mortgage, consider refinancing into a 15-year loan, or even a 10-year loan. Some people can shorten their term and lower their payment at the same time, because interest rates are so low right now. Others might need to increase their payment somewhat, but as long as you can comfortably afford the new payment, it might make good financial sense and save you tens of thousands of dollars overall.
Is It Time For a Mortgage Check-Up?
If you are in California or Washington, I would be happy to provide you with a no-cost, no-obligation mortgage check-up. If you are in a state in which I am not yet licensed, check with your local full service mortgage loan officer. (I prefer a full service mortgage company over a bank for several important reasons.)
Whatever you do, please do not ignore your finances now. Your future self will thank you for taking good care now.
*Survey by the American College of Financial Services
2 thoughts on “Are You Set Up for Fun or Stress in Retirement?”
Great column as usual!
I am a federal employee about to retire, and my business partner is a retired federal employee.
We are starting a business helping other federal employees retire by submitting the correct information to their various agencies.
Since we find your very pertinent and up-to-date columns so appropriate in our counseling of employees on retiring, then MOVING–may we refer them to your site, column, and books?
We would like clear permission before doing so. The name of our company is Federal TransFERS, LLC. –>Federal Employee Retirement Services.
Thanks so much,
Lin Amendt and Joy Lazaroff Text: Lin = 301-775-2501
Yes, thank you. And best wishes with your company!