justbrowsing_IHB
New member
I'm a bit skeptical about the thought of living on a fixed income- I just don't think I can beat inflation for an extended period of time with "safe" investments. And when I'm 65+, I don't plan on speculating for double digit real returns. My only hope for long term retirement, besides the lottery, is that my kid(s) will take care of me, but it's just as likely that I'll still be taking care of them.
I've been trying to do the math, balancing lifestyle, saving for retirement, and paying a mortgage on a nice Irvine house (or Newport Beach condo). I feel like at this point in my life, I can only choose 2 of 3 and still be able to sleep well at night. Truthfully, everything I'm saving right now is likely to be used as a down payment since I'm not optimistic about putting money into stocks for the purpose of retirement right now.
Could I cut back on lifestyle? Maybe a bit, but aside from a baby, my life hasn't changed dramatically since I was in college- and I went to a public university.
Less expensive house? Is a 4 bdrm 2000 sq ft SFH in a good school district asking too much? I didn't think so with my salary, but right now it is.
Delay retirement? Yup, if I don't have any health problems that prevent me from working. Big assumption.
I'm not sure if others are having a hard time trying to balance all 3, but I guess some people were hoping that their homes would become their retirement fund. Even if I manage to buy a house at the bottom, I'm not optimistic my home will cover even my medical expenses when the time comes to cash out.
<a href="http://www.usatoday.com/money/economy/housing/2009-06-04-foreclose-mortgage-seniors_N.htm">USA Today: Mortgage crisis robbing seniors of golden years</a>
.....
Conventional wisdom holds that most seniors have paid off their mortgages or have significant equity in their homes, but in reality hundreds of thousands are suffering in the housing crisis.
This population is being hit on all fronts. More than 600,000 seniors are delinquent or in foreclosure, according to AARP. A separate report by AARP found that 25.5 million seniors ages 50 and older have a mortgage. Unlike younger people, many are on fixed incomes and lack the money or job opportunities to catch up on payments when they fall behind.
.....
Americans 50 and older represent nearly 30% of all delinquencies and foreclosures, according to an AARP analysis released in September.
The analysis found that more than 684,000 seniors 50 and older were delinquent on their mortgages or in foreclosure. Among those, nearly 50,000 were in foreclosure or had lost their homes.
I've been trying to do the math, balancing lifestyle, saving for retirement, and paying a mortgage on a nice Irvine house (or Newport Beach condo). I feel like at this point in my life, I can only choose 2 of 3 and still be able to sleep well at night. Truthfully, everything I'm saving right now is likely to be used as a down payment since I'm not optimistic about putting money into stocks for the purpose of retirement right now.
Could I cut back on lifestyle? Maybe a bit, but aside from a baby, my life hasn't changed dramatically since I was in college- and I went to a public university.
Less expensive house? Is a 4 bdrm 2000 sq ft SFH in a good school district asking too much? I didn't think so with my salary, but right now it is.
Delay retirement? Yup, if I don't have any health problems that prevent me from working. Big assumption.
I'm not sure if others are having a hard time trying to balance all 3, but I guess some people were hoping that their homes would become their retirement fund. Even if I manage to buy a house at the bottom, I'm not optimistic my home will cover even my medical expenses when the time comes to cash out.
<a href="http://www.usatoday.com/money/economy/housing/2009-06-04-foreclose-mortgage-seniors_N.htm">USA Today: Mortgage crisis robbing seniors of golden years</a>
.....
Conventional wisdom holds that most seniors have paid off their mortgages or have significant equity in their homes, but in reality hundreds of thousands are suffering in the housing crisis.
This population is being hit on all fronts. More than 600,000 seniors are delinquent or in foreclosure, according to AARP. A separate report by AARP found that 25.5 million seniors ages 50 and older have a mortgage. Unlike younger people, many are on fixed incomes and lack the money or job opportunities to catch up on payments when they fall behind.
.....
Americans 50 and older represent nearly 30% of all delinquencies and foreclosures, according to an AARP analysis released in September.
The analysis found that more than 684,000 seniors 50 and older were delinquent on their mortgages or in foreclosure. Among those, nearly 50,000 were in foreclosure or had lost their homes.