I seriously doubt that 75% of people nearing retirement have their houses paid off. People give me a strange look when I tell them that the house, car, credit cards, etc. are all paid off. Most of them tell me about their debts which include student loans, mortgages, car loans, children’s student loans, second mortgages for the around the world cruise or the daughters once in a lifetime wedding that lasted two years, etc. and absolutely no savings. They all expect that the government will bail them out.
It's the majority of the people that I know too, young and old. It's scary. And these people don't give one rats rear end how you got there--with discipline. They will take it from all of us.
I bet 25% having their house paid off is too high in today’s economy. The number of people in the 60’s whose finances are totally $hit is astounding. Most with good paying jobs but broker than dick.
That's funny.....and true a lot of times. My youngest daughter got married and I walked her down the aisle, two years later she got a divorce, two years after that, remarried and I walked her down the aisle, a few years later, her husband died of a heart attack at age 33. A few years later, she remarried (still married to him) I walked her down the aisle, as we were slowly walking down the aisle, I whispered to her. "If you ever do this again, you can walk yourself, you know the way by now".
She was nervous already and that remark started her giggling like a little girl and she had a hard time stopping it.