This iReport is part of an assignment:
In need of a Money Coach?
More iReports you should see
Retirement - is it really at the end of the tunnel
Dear Clarke,
I turn 59 in a few months. I am divorced, still have a 22 year old living at home. I actually dont have much debt other than my house and car. I owe around $189K on my home, Payments are $1480. per month - 4.75% rate and is valued close to $250K today. Still have 27 years left on the mortgage since I refinanced a fews years ago to get a better rate. I earn $150K per year, but that just started in January of this year. I have previously worked in the homebuilding industry in South Florida and have either lost my job or have had to take deep pay cuts to keep going and therefore I have not saved much over the last 5 years. I have always been a saver, but surely I could have done better.
I have been paying extra towards the mortgage each month. Since January, I have increased the amount from $400.00 to $800.00 in addition to putting $4200.00 a month in savings.
I have the following accounts:
401K $113K
IRA $117K
Money Market /cash $50K
Brokerage Acct $ 20K
My question to you is: I know I will not be able to pay off my home once I retire ( hopefully in the next 5-10 years)
Is it best to keep making extra payments or should I just bank that cash?
Should I sell my home now, downsize now and buy something for less?
I am truly concerned, as many of my piers are, that I won't be able to take care of myself once I retire.
I turn 59 in a few months. I am divorced, still have a 22 year old living at home. I actually dont have much debt other than my house and car. I owe around $189K on my home, Payments are $1480. per month - 4.75% rate and is valued close to $250K today. Still have 27 years left on the mortgage since I refinanced a fews years ago to get a better rate. I earn $150K per year, but that just started in January of this year. I have previously worked in the homebuilding industry in South Florida and have either lost my job or have had to take deep pay cuts to keep going and therefore I have not saved much over the last 5 years. I have always been a saver, but surely I could have done better.
I have been paying extra towards the mortgage each month. Since January, I have increased the amount from $400.00 to $800.00 in addition to putting $4200.00 a month in savings.
I have the following accounts:
401K $113K
IRA $117K
Money Market /cash $50K
Brokerage Acct $ 20K
My question to you is: I know I will not be able to pay off my home once I retire ( hopefully in the next 5-10 years)
Is it best to keep making extra payments or should I just bank that cash?
Should I sell my home now, downsize now and buy something for less?
I am truly concerned, as many of my piers are, that I won't be able to take care of myself once I retire.
- TAGS:
- GROUPS:
What do you think of this story?
Select one of the options below. Your feedback will help tell CNN producers what to do with this iReport. If you'd like, you can explain your choice in the comments below.
Be and editor! Choose an option below:
More from this assignment - In need of a Money Coach?
iReport welcomes a lively discussion, so comments on iReports are not pre-screened before they post. See the iReport community guidelines for details about content that is not welcome on iReport.
© 2013 Cable News Network. 
Comments