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Where I am

December 30th, 2016 at 01:02 pm

I currently have 81,702 in debt. 75% is my mortgage. 24% is a Helco and 1% is my car loan.

I have a little over 100,000 in retirement. I currently contribute 4% with a 2% match.

I am in my mid 50's.

Posted in Uncategorized | 5 Comments »

5 Responses to “Where I am ”

  1. CB in the City Says:
    December 30th, 2016 at 01:35 pm 1483104936
    1483104936

    It's amazing what you can do, even with a late start. I had a late start, too. Your debt is not that bad, considering that the majority is your mortgage. Do you track your net worth? That can be a great inspiration to save.

  2. fern Says:
    December 30th, 2016 at 04:57 pm 1483117037
    1483117037

    Is it possible to contribute more than 4% to your retirement account? If you're in your mid 50s and plan to continue working into your early to mid 60s, you have just 10 years left to build a nest egg large enough to keep you going for possible 2 decades or more. If at all possible, I would be more aggressive with the retirement contributions.

  3. fern Says:
    December 30th, 2016 at 04:58 pm 1483117100
    1483117100

    But also, of course, without subtracting from what you're already paying toward your debt.

  4. Dido Says:
    December 30th, 2016 at 05:43 pm 1483119837
    1483119837

    If you are able, plan to continue working until late 60s. If you are in your mid-50s, your Social Security Retirement age is already close to 67 in any case, and a new bill goes before Congress that would raise the SS retirement age to 69 (but not for you--it would apply to people born 1968 or after). But still planning to work later gives you more time to let your money grow.

    What are the rates like on your mortgage and HELOC? Hopefully you either took on the mortgage when rates were low or refinanced so that that rate is low, in which case, working on reducing the HELOC debt is key alongside increasing your retirement contribution if possible.

    Whatever you do now will pay you back in the future. I recommend the book "Your Money or Your Life" for good inspirational reading that motivates one to cut back and strive for financial independence.

    Also, since you are a homeowner, you may find a reverse mortgage helpful as a last resort--something to consider after age 62. You can apply for a reverse mortgage line of credit and not use it but have it as a possibility in case of large medical expenses, etc.

  5. snafu Says:
    January 2nd, 2017 at 04:25 pm 1483374340
    1483374340

    Happy New Year and Welcome to SA It really helps to acknowledge savings and spending priorities here, on a safe, non judgemental site. There are always ideas and comments by other like yourself which you might find helpful. It certainly helps keeps me focussed on what my priorities really are.

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