Seniors

PoindexterOglethorpe

(27,029 posts)

19. So maybe the conventional advice that you absolutely must have

Wed Jul 19, 2023, 09:43 AM

Jul 2023

your mortgage paid off to retire is actually bad advice.

After a divorce at age 60 I moved to another part of the country and bought a home. 30 year mortgage. The payment is just about exactly 25% of my income. So highly affordable. Yeah, it's nice if you buy a home when you're 25 or 30, and so it's paid off by retirement, but not everyone's life works out that way.

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They Had Great Credit Scores. Then They Retired. [View all] question everything Jul 2023 OP

Biggest crooks ever kevink077 Jul 2023 #1

+1 2naSalit Jul 2023 #8

I'm done with them. 62K left on mortgage and then they can pound sand. jimfields33 Jul 2023 #16

Current plan is to work until I am 70 liberal N proud Jul 2023 #2

Paid off my credit cards years ago. OAITW r.2.0 Jul 2023 #3

me too. and I have alert notification with Experian, so they like to tell me my credit score is BlueWaveNeverEnd Jul 2023 #5

Yes Timewas Jul 2023 #4

Really? PoindexterOglethorpe Jul 2023 #6

817 is a very good credit score Fiendish Thingy Jul 2023 #7

Right. Which is why I don't understand PoindexterOglethorpe Jul 2023 #11

I think some seniors' score lowers the older they get Fiendish Thingy Jul 2023 #17

Still paying a mortgage. 2naSalit Jul 2023 #9

So maybe the conventional advice that you absolutely must have PoindexterOglethorpe Jul 2023 #19

It seems to me... 2naSalit Jul 2023 #21

Just keep a bank debit card, maybe a credit card too... brush Jul 2023 #10

Yes. You are exactly right. PoindexterOglethorpe Jul 2023 #12

Guess there's more than one way to do it. I don't carry much cash. brush Jul 2023 #15

I have a credit card which is paid off every month. My other bills, PoindexterOglethorpe Jul 2023 #20

It's not impossible to remedy tho... Mr. Scorpio Jul 2023 #13

This likely hurts renters, of which I am one. LisaM Jul 2023 #14

This may be true but it isn't my experience. Joinfortmill Jul 2023 #18

I'm almost 82 and my score is above 800. trof Aug 2023 #22