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<p>[QUOTE="Garlicus, post: 4854443, member: 73190"]I don't think that any financial advice is for 'everyone', but some of it can cover most people.</p><p><br /></p><p>Looking at the data, many, many people are not financially prepared for retirement, nor will they be. Thus, the reason that I advised that people pay off their mortgage before retiring. If you're 60 and only have $50-100k saved, Social Security is about all you will have for income. Does it make sense to use the majority of that monthly income to pay your mortgage? Yes, I know, not everyone owns a home and may have to pay rent.</p><p><br /></p><p>You know your situation better than anyone, so do what is best for you and your family. It sounds like you are more prepared than the majority, which is awesome. I will note, though, that by paying it off early, or making extra payments, as you are, you get that money back in equity and interest savings. </p><p><br /></p><p><br /></p><p><a href="https://www.savingadvice.com/articles/2020/05/05/1073117_what-is-the-average-retirement-savings-for-those-over-60.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.savingadvice.com/articles/2020/05/05/1073117_what-is-the-average-retirement-savings-for-those-over-60.html" rel="nofollow">https://www.savingadvice.com/articles/2020/05/05/1073117_what-is-the-average-retirement-savings-for-those-over-60.html</a></p><p><i>"<b>In people aged 55-64, the Center for Retirement Research found that the median retirement account balance is $104,000. </b>Now, there are a few pieces of context to work out here. First, <b>these numbers are from 2017</b>. Obviously there will be some variance, especially after the recent coronavirus crisis causing many to tap into savings they probably meant to leave untouched. Additionally, this does not mean $104k is optimal. Ideally you will have much more than this, as the idea is it is the only money you will have or need in retirement. This brings us to the last point, that these numbers aren’t indicative of the entirety of these subject’s retirement savings. <b>This only counts 401(k)/IRA balance, so it doesn’t include any assets outside of these.</b> So, if you hold property, cash savings, personal brokerage accounts, or anything else that isn’t included here, you want to factor that in."</i>[/QUOTE]</p><p><br /></p>
[QUOTE="Garlicus, post: 4854443, member: 73190"]I don't think that any financial advice is for 'everyone', but some of it can cover most people. Looking at the data, many, many people are not financially prepared for retirement, nor will they be. Thus, the reason that I advised that people pay off their mortgage before retiring. If you're 60 and only have $50-100k saved, Social Security is about all you will have for income. Does it make sense to use the majority of that monthly income to pay your mortgage? Yes, I know, not everyone owns a home and may have to pay rent. You know your situation better than anyone, so do what is best for you and your family. It sounds like you are more prepared than the majority, which is awesome. I will note, though, that by paying it off early, or making extra payments, as you are, you get that money back in equity and interest savings. [URL]https://www.savingadvice.com/articles/2020/05/05/1073117_what-is-the-average-retirement-savings-for-those-over-60.html[/URL] [I]"[B]In people aged 55-64, the Center for Retirement Research found that the median retirement account balance is $104,000. [/B]Now, there are a few pieces of context to work out here. First, [B]these numbers are from 2017[/B]. Obviously there will be some variance, especially after the recent coronavirus crisis causing many to tap into savings they probably meant to leave untouched. Additionally, this does not mean $104k is optimal. Ideally you will have much more than this, as the idea is it is the only money you will have or need in retirement. This brings us to the last point, that these numbers aren’t indicative of the entirety of these subject’s retirement savings. [B]This only counts 401(k)/IRA balance, so it doesn’t include any assets outside of these.[/B] So, if you hold property, cash savings, personal brokerage accounts, or anything else that isn’t included here, you want to factor that in."[/I][/QUOTE]
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