If you can manage it, you may barrow from your 401k. that money could be used to payoff the balance of your mortgage. Than you repay the amount barrowed to your 401k with interest. Instead of paying off a mortgage to the bank, you pay it off to yourself, the interest that you would be paying the bank now goes into your 401K.
Retirement and still owing on a mortgage?
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If you can manage it, you may barrow from your 401k. that money could be used to payoff the balance of your mortgage. Than you repay the amount barrowed to your 401k with interest. Instead of paying off a mortgage to the bank, you pay it off to yourself, the interest that you would be paying the bank now goes into your 401K.
Travelover
Elite Member
Be careful with 401(k) loans, though, because I believe that if you lose your job you have to pay off the loan within a short time or pay a penalty as an early withdrawal, if you are not 59 1/2, and taxes on the loan amount.
Guide to 401k Plan Loans and Withdrawals
phiferpharm
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cdaigle430 - If your getting close to 60 go here:
TRICARE - Military Health Care - Military Benefits - Military.com.
I found out when I retired from the Military that you automatically get Tricare Standard and can use that as a supplement to other insurance. In my case, the wife told her Doctor she was now in Tricare, along with my normal insurance and she has a zero co-pay now. The Doctor prefers using the Tricare to the School Board provider. I used it instead of my school board insurance for my meds and the cost went from $300 every three months to $60.
When I bid farewell to the School Board in June, I will pick up the Tricare Prime at $230 a year for coverage (my wife is over 65, so she is covered by the Tricare Standard), which is more than covered by the $100 per month the retirement system gives you to cover health insurance.
From watching this and some of the other threads on retirement, it seems as though Tricare ratchets down a big concern on retirement. I will have two properties with balances, but since my retirement pay is the same as when I work, and I don't need income from my School Board funds, I have enough backup to pay them both off if needed. I guess I'll figure it out for sure when I get to my CPA on Tuesday.
TRICARE - Military Health Care - Military Benefits - Military.com.
I found out when I retired from the Military that you automatically get Tricare Standard and can use that as a supplement to other insurance. In my case, the wife told her Doctor she was now in Tricare, along with my normal insurance and she has a zero co-pay now. The Doctor prefers using the Tricare to the School Board provider. I used it instead of my school board insurance for my meds and the cost went from $300 every three months to $60.
When I bid farewell to the School Board in June, I will pick up the Tricare Prime at $230 a year for coverage (my wife is over 65, so she is covered by the Tricare Standard), which is more than covered by the $100 per month the retirement system gives you to cover health insurance.
From watching this and some of the other threads on retirement, it seems as though Tricare ratchets down a big concern on retirement. I will have two properties with balances, but since my retirement pay is the same as when I work, and I don't need income from my School Board funds, I have enough backup to pay them both off if needed. I guess I'll figure it out for sure when I get to my CPA on Tuesday.
CurlyDave
Elite Member
A lot of time I will tell people that I: "declared myself independently wealthy" and then quit working.
Listening to you guys, I got to say I did something wright. I bought a second hand house trailer for $4,000 during the Carter administration, payment was about $119 a month. I lived in the trailer and built my home and paid cash for it as I went. In three years time I moved into it and sold the trailer for $4,500 , a profit of $500 and have never had a mortgage payment other than the trailer payment in my life. I was 29 when I moved in, and when I ordered the blocks for my full sized basement when I started the build I also ordered enough blocks to build a 20 by 24 foot garage unattached, which I built later.
My dad had physical limitations when I built my house and I made it so that when he came to visit he could get to any place in my house including the basement without any difficulty other than what was ordinary for him. I'm glad I did it that way for him, but also time has made a change in me and now that I am older I find that extra planing has been a blessing for me. I didn't get to claim the interest paid on my house on my taxes, but I didn't have to pay the interest either.
My dad had physical limitations when I built my house and I made it so that when he came to visit he could get to any place in my house including the basement without any difficulty other than what was ordinary for him. I'm glad I did it that way for him, but also time has made a change in me and now that I am older I find that extra planing has been a blessing for me. I didn't get to claim the interest paid on my house on my taxes, but I didn't have to pay the interest either.
