I’ve retired early and for me the most important thing, something that these guys never seem to say is buy a house and get it paid for. Do not go into retirement with a mortgage or rent. It is almost always a persons biggest monthly expense. It’s amazing how much less income I need now that I’m not workiing
>>I’ve retired early and for me the most important thing, something that these guys never seem to say is buy a house and get it paid for. Do not go into retirement with a mortgage or rent. It is almost always a persons biggest monthly expense. It’s amazing how much less income I need now that I’m not workiing<<
Great advice. I paid for my house last year and will be going into retirement debt-free.
As should everyone. If you have debt you are not really retired.
“I’ve retired early and for me the most important thing, something that these guys never seem to say is buy a house and get it paid for. Do not go into retirement with a mortgage or rent. It is almost always a persons biggest monthly expense. It’s amazing how much less income I need now that I’m not workiing“
I retired from fed civil service at 56. Best thing I ever did. Fed taxes are almost twice as mortgage for me.
I live in a pretty upscale place (top 5% median household income by zip code) and TAXES have always been my highest expense, even back in the days right after I bought my house and had a 13.5% mortgage. (SSI+MED alone, has always been more so long as one considers the so-called employers share as part of an individual's burden. And my wife pays too!)
ML/NJ
“I’ve retired early and for me the most important thing, something that these guys never seem to say is buy a house and get it paid for. Do not go into retirement with a mortgage or rent. It is almost always a persons biggest monthly expense. It’s amazing how much less income I need now that I’m not working”
indeed and ditto. I went into early retirement completely debt free and have stayed that way.