It also depends on location and cost of living. I live in a smaller town in Minnesota. If you make 40-50k a year here you can live comfortably. Average house probably cost 100-130k.you need to figure your cost of living. plus about 10 to 20%. THEN, look at your portfolio. You need a substantial amount of money to live off of that. for example 450k at 8% is about 3000 a month. do you have 450k invested? what can you live off of to pay your bills ? Age has nothing to do with it. it's about your current investments and what you reqquire to live. Can you drop off some car payments? save on other bills ? IMO you would need $350,000 at minimum invested.
Rather than pay off the house, you are better off investing that money in the stock market, 401k, other real estate, etc. For sure pay off any vehicles, and credit cards, person debts, lines of credit, etc. Again, do not pay off the house. That money is what keeps you through retirement. Unless you are talking a small amount, IE 25k etc. For 50k a year, figure 500k invested at 10%. That is very doable assuming normal stocks/ S&P500/ index funds.It also depends on location and cost of living. I live in a smaller town in Minnesota. If you make 40-50k a year here you can live comfortably. Average house probably cost 100-130k.
We don't have any children. We have one truck payment which will get paid off next January.
I'm not going to retire yet. We still need to pay our house off. Probably be 5 years before that.
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I had to share this with the wifeIf my wife could support my habits and the house and asked me to be a stay at home father/husband, I would be out buying a French maid outfit to accentuate my ball bag when I bend over and tease my wife with the goods.
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