The Retirement Thread

4 lurkers | 174 watchers
TROSaracen
TROSaracen
10 Jul
8:28am, 10 Jul 2024
28,033 posts
  •  
  • 0
TROSaracen
Agree on that, paying off the mortgage does seem to have an impact in terms of speeding to retirement, more than just the practical ‘living costs are now so much lower’.

Most of us spent most of our adult lives yoked to a job and a mortgage. You could only get a mortgage once you had a job; you had to keep a job to pay it - we have all said ‘have to pay the mortgage’ to justify keeping going when it was miserable, even mental health damaging.

Once that link is gone, so much easier to walk away.
EvilPixie
EvilPixie
10 Jul
8:38am, 10 Jul 2024
55,838 posts
  •  
  • 0
EvilPixie
Well said
GregP
GregP
10 Jul
8:44am, 10 Jul 2024
152,245 posts
  •  
  • 0
GregP
Nicely put, yes.
Ness
Ness
10 Jul
8:46am, 10 Jul 2024
42,799 posts
  •  
  • 0
Ness
Exactly!
Diogenes
Diogenes
10 Jul
8:49am, 10 Jul 2024
86,873 posts
  •  
  • 0
Diogenes
I'm bloody glad we were able to pay off our mortgage a few years ago. If we hadn't I'd be getting a second job to cover everything. It seems like the cost of living has increased to replace the mortgage. I guess that's because we still have 2 dependents living at home and Mrs D works part-time.
HunkyTeddy
HunkyTeddy
10 Jul
9:19am, 10 Jul 2024
10,325 posts
  •  
  • 0
HunkyTeddy
Just done a calculation and if I work till retirement age I still have 2150 days to go.

Screw that. :-(
Flatlander
Flatlander
10 Jul
9:21am, 10 Jul 2024
3,270 posts
  •  
  • 0
Flatlander
I paid off my 25 years interest only mortgage (no early redemption penalty) in just under 20 years, which allowed me to substantially building up my savings and pensions, and that in turn led to an early retirement.
Dave W
Dave W
10 Jul
9:25am, 10 Jul 2024
20,522 posts
  •  
  • 0
Dave W
And we used our lump sums to pay off the mortgage. A cathartic moment. Really nice that no-one else has a claim on your home.
EvilPixie
EvilPixie
10 Jul
9:29am, 10 Jul 2024
55,844 posts
  •  
  • 0
EvilPixie
I remember the day I paid ours off
Inheritance from my grandparents plus endorsement we kept going after transferring to repayment

Bank balance went right up, bank called asking how they could help us invest the money!
Paid off mortgage next day, slight change in interest took me overdrawn! They were back on the phone! I was overdrawn by £5?!
But that mortgage gone meant more support for gnome when at uni too
And allowed me to (fool?) train asa teacher
Rosehip
Rosehip
10 Jul
9:31am, 10 Jul 2024
32,512 posts
  •  
  • 0
Rosehip
I paid ours off with my redundancy payment the first time I 'retired' - having over paid the previous 5 years there wasn't a lot left anyway.
Except that I left about £500 - having worked out that the interest on that over the next 3 years was less than the early payment penalty they wanted to apply

About This Thread

Maintained by Sigh
A place for baggy spaciousness

(thanks to TheScribbler for the term (p1516)!)

Retirees Hall of Fame

star Synge star (30.08.24)
Silvershadow (02.08.24)
Hibeedeb (02.08.24)
Winniefree (08.07.24, 2nd attempt)
EvilPixie (24.06.24)
Snail (21.06.24)
GregP (14.06.24) (after part retirement 31.03.23)
Fizz :-) (13.06.24)
Jaks (15.05.24) (third time of retiring)
HellsBells (31.03.24) (orig. May 2018)
TROSaracen (07.02.24)(semi retired since mid 2019)
Hanneke (01.02.24)
Jenni-far-far (28.12.23)
FergusG (22.12.23)
Mrs Jigs (Luverlylegs) (11.12.23)
eL Bee! (30.11.23)
Lip Gloss (22.11.23)
jda (28.08.23)
RFJ (23.08.23)
Sigh (28.07.23)
Schnecke (end of school term 07.23)
Sharkie (05.07.23)
Ally-C (08.06.23)
Rebel (12.05.23)
CogNoscensme AHA (07.04.23)
Windsor Wool (05.04.23)
Bob! (30.03.23)
Velociraptor (21.03.23)
Garfield (provisional, 27.02.23) (see p.699)
ThorntonRunner (20.12.22)
MaltDrinker (30.07.21)
DoricQuine (15.06.21)
Mandymoo (21.05.21)
Eynsham Red (06.05.21)
GimmeMedals (31.08.20)
Steve NordRunner (01.08.19)
um (May 2017)
macca 53 (31.10.17)
XB (07.07.16)
Flatlander (November 2011)
Helegant
Ness
SarahWoo
Rosehip
alpenrose
Johnny Blaze
annadav
K5 Gus
Curly45
LazyDaisy
Dave..M
jabberknit
Shades
Northern Exile
Nick Cook

[other names to follow, on request]

In the Waiting Lounge, with one eye on the door

B Rubble (07.12.24)
Roobarb (20.12.2024)
Bazoaxe (target: 31.12.24)
3M (21.12.24)
dobbers (target: Dec 2024)

westmoors (31.03.25 confirmed)
Dillthedog (target: 30 April 2025)
geordiegirl (target: July 2025)
GeneHunt59 (target: July 2025)
RRR-CAZ (September 2025)
MadWelshWoman (target: November 2025)
Bigleggy (target: December 2025)
HappyG (target: end of 2025 at the earliest)
McGoohan (target: "We shall see whether I can get out in 2025")

cathrobinson (target: 2026 onwards)
OverTheHillToo (target: approx. 2026)

Diogenes (17.03.27)

Hills of Death (HOD) (April 2026-April 2030)
Gromit (July 2030)
CK2 (2030)

[other names to follow, on request]

Just browsing at the moment

Daz Love
Totriornottotri
DIY Diva

[other names to follow, on request]

Retirement Failures

Currently empty :-)

[other names to follow, on request]

Useful Links

FE accepts no responsibility for external links. Or anything, really.

Related Threads

  • age
  • finances
  • lifeadmin
  • support
  • work









Back To Top
X

Free training & racing tools for runners, cyclists, swimmers & walkers.

Fetcheveryone lets you analyse your training, find races, plot routes, chat in our forum, get advice, play games - and more! Nothing is behind a paywall, and it'll stay that way thanks to our awesome community!
Get Started
Click here to join 113,154 Fetchies!
Already a Fetchie? Sign in here