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This Exchange simulates the original Couples Coping Support Group. It is designed to help persons with concerns in their relationships, family, marriage, seperation, divorce, etc.Offering a wide range of real world, personal experiences, information, knowledge, suggestions, & views from real people.
Couples retirement planning?
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Anon_596 posted:
A couple in their early 50's, later last year refinanced the house mortgage for 30 years with the idea of making additional payments towards the principle (never happened although means of doing so are there), have 2 vehicle loans, and savings to pay off 1 vehicle loan with a couple thousand left in savings. One partner wants to pay off the 1 vehicle loan then turn around and finance buying a new RV or camper without making additional payments on existing debt. There is no other retirement funds in anything except $75k in a 401k. One partner works and the other does not.

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With SSI liquidating, the economy, and age of the couple what would you suggest or what would you do?
  • Pay off the 1 vehicle loan only
  • Pay off the 1 vehicle loan
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Anon_596 responded:
Did not all post;

2nd button; Pay off the 1 vehicle loan & make additional payments on existing debt

3rd button; Pay off the 1 vehicle loan & finance a new RV or camper

4th button; Use savings towards mortgage
 
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darlyn05 replied to Anon_596's response:
Well, we all would like to live comfortably in our senior yrs. Have you thought of keeping things as is and investing what's in the savings in a retirement fund? Or simply keep adding to the savings? As long as it's a taxfree bearing acct. If you can add 'atleast' $100.00/mo. to the mortgage, by the time your 65yo, thinking your age is 55yo now, that's $12000.00 off the mortgage.
 
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Anon_596 replied to darlyn05's response:
Thank you for the suggestion. Never thought of that.
 
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stevesmw responded:
I'm almost 68 and still working. We've refinanced our house over 6 times over 28 years. We take cash out to whatever the max conforming limit is and use the money for necessary repairs and remodeling. We owe almost twice what we paid for the house. Given the lowering interest rates over the years we have a very modest house payment and a lot of equity.
We try to not have any debt other than the mortgage where the interest is tax deductible. I have never considered trying to payoff the house. I've had cheap rent and built equity over a long period of time.

I will have a modest retirement income and won't be able to afford to live in the house we have. Even if the house was paid off, maintaining it would be too expensive. I have enough equity to buy a lesser house in a less expensive area for cash but maintenance is a big issue. Yard maintenance, a new roof, kitchen and bathroom remodeling are all expensive.


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