Tell her she needs to take it easy! Oh yea, I don’t expect to hear from you since you are now incognito!
Ask A Retired Person, Retirement FAQ. ( ON TOPIC )
- Thread starter olroadbeech
- Start date
I was advized not to pay off my home for tax purposes. We have the money to do it but are following tax advisor advise,
olroadbeech
Happy Verified UPSer
I respectfully disagree.
Dave Ramsey , the best selling author and radio financial personality made a good point when he asked a caller this question.
( from my best memory ) "So you would rather pay $12,000 in interest on your mortgage payment to save $3000 in taxes? That does not make sense."
do some of your own homework on this question. I would rather pay a couple more bucks in taxes than pay the thousands in extra interest on a mortgage loan. With our home paid off and our retirement income being so much less than when i was working , our taxes are very low anyway.
plus, I was able to retire about 5 years early because of no mortgage payment. We saved over $130,000 in interest by paying off our home in 17 years rather than 30 years.
too us , that piece of mind is priceless.
BrownFlush
Woke Racist Reigning Ban King
We did the same thing.
Typically your at the end of your mortgage and most of your interest is paid (not all)
olroadbeech
Happy Verified UPSer
Not really. How could I save $130,000 in interest payments? I started by adding an extra $100 a month . Then more and more as time went by. Sometimes I would add my federal tax refund.
when I finished paying off the mortgage the company sent me a statement on how much I paid versus how much I would have paid if I did the whole 30 years. 130K savings Brother.
1989
Well-Known Member
Look up an amortization schedule. At the beginning you pay more interest. Say a 200K loan over 30 years @ 5% interest. On your first payment, $240 will go to principal and $833 goes to interest. Your last payment $1069 to principle $4 to interest. The higher your interest rate the more you save making extra payments. You save more making the extra payments towards the beginning of the loan.
I am
When I would feel sick and hating Sunday night.
That's every Sunday
1989
Well-Known Member
U gotsta go
Working on it
Indecisi0n
Well-Known Member
Do you old guys ever get bored of just sitting around watching your grass grow all day?
But you didn't live beyond your means.
retiredTxfeeder
cap'n crunch
silenze
Lunch is the best part of the day
how the heck are you making that much you can itemize your deductions?
silverbullet2893
KILL KILL!!
olroadbeech
Happy Verified UPSer
in August social security. that makes 4 sources of income. pension, SS, 401k, and IRA.
more than I was making working full time. ( withdrawing 3.5% from 401 and Ira...but not taking from these 2 sources yet )
just pension and SS is about 68k a year.
planning baby.
more than I was making working full time. ( withdrawing 3.5% from 401 and Ira...but not taking from these 2 sources yet )
just pension and SS is about 68k a year.
planning baby.
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