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Thread: Security

  1. #51
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    I was making double house payments for a few years in order to have it paid off by the time I retire in 2026.

    Now I知 making single house payments and letting our bank balance grow.

    I知 not even sure that is the best decision.

    Will my pension be there?
    Will our bank balances be frozen?
    Will I ever get SS?
    Will the mortgage company let me skip some months if I paid a lot ahead?

    I have no idea if my decision is right but I知 trying to keep a highly liquid stash available.

  2. #52
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    Quote Originally Posted by catherine View Post
    Unless you don't have sufficient discipline. Mea culpa.
    Over the years, I have found automated payments and deductions to be an excellent substitute for personal discipline.

  3. #53
    Senior Member dmc's Avatar
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    We just moved and I now have a home loan again. But at 3.125% I figure it was worth it. We have enough to pay it off if needed, but this way we have more cash available. If rates go back up we will continue to pay the minimum, if rates drop we may pay extra.

    We have no other loans, and have been retired now for close to 13 years. Now at close to 63 I have a 30 year mortgage. It’s nice not having a house payment, but there is always taxes and insurance to pay.

    I also like the auto payment for all my bills, the only checks I write are the lawn guy and my dads assisted living place.

  4. #54
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    Quote Originally Posted by Tammy View Post
    I was making double house payments for a few years in order to have it paid off by the time I retire in 2026.

    Now I’m making single house payments and letting our bank balance grow.

    I’m not even sure that is the best decision.

    Will my pension be there?
    Will our bank balances be frozen?
    Will I ever get SS?
    Will the mortgage company let me skip some months if I paid a lot ahead?

    I have no idea if my decision is right but I’m trying to keep a highly liquid stash available.
    No, you cannot skip payments. I do hope you designated all the extra money to 'principle'? Otherwise, they could have applied it to interest.
    I do not believe SS will vanish.
    Pension? Well, that depends on your company and what their fine print reads.

    I personally believe it is never a bad thing to hammer off debt. Especially since you're retiring soon. Look forward not back.

  5. #55
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    Oh yes - all extra went principle.

  6. #56
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    Here痴 the thing - in normal times I would pay thousands extra to principle, only keeping about 2 months living expenses in liquidity. In these times I want many months (12?) of living expenses in cash. In case my job disappears.

  7. #57
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    Quote Originally Posted by Tammy View Post
    Here’s the thing - in normal times I would pay thousands extra to principle, only keeping about 2 months living expenses in liquidity. In these times I want many months (12?) of living expenses in cash. In case my job disappears.
    Agreed! We went to 18m expenses back in the 2008 crash.

  8. #58
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Tammy View Post
    I was making double house payments for a few years in order to have it paid off by the time I retire in 2026.

    Now I知 making single house payments and letting our bank balance grow.

    I知 not even sure that is the best decision.

    Will my pension be there?
    Will our bank balances be frozen?
    Will I ever get SS?
    Will the mortgage company let me skip some months if I paid a lot ahead?

    I have no idea if my decision is right but I知 trying to keep a highly liquid stash available.
    My inner bag lady is all about big liquid stash. While she likes a paid off house, she likes the freedom-to-flee-or-do-whatever that cashola gives even more.

  9. #59
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    You and I are a lot alike. Except I like trees. 😁

  10. #60
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Tammy View Post
    You and I are a lot alike. Except I like trees. 
    haha but I like trees, in their right place and properly managed.

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