The Retirement Thread

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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 10 Jul 8:38am, 10 Jul 2024 55,838 posts	0 EvilPixie Well said
GregP 10 Jul 8:44am, 10 Jul 2024 152,245 posts	0 GregP Nicely put, yes.
Ness 10 Jul 8:46am, 10 Jul 2024 42,799 posts	0 Ness Exactly!
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 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 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 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 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 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

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