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My plan to be lazy and retire comfortably...

C

CTrain

Diamond Member
I'm 33 now and I like to retire by 60(its actually 40 and I'll get to that later).
This is without relying in Social Security.

I owe $100K on my house that is worth about $220K now.
I can realistically paid the house off by the time I'm 40.
HOW ??
Well, my sister paids for almost everything and I only paid $50 of my mortgage.
So if I put in an extra $1000 every month, I can have it paid-off in 6.5 yrs.
(even if my sister move out, I can get more by renting the 2 rooms out)

So by the time I'm 40, I'll own the house free and clear.
If I sell the house then, everything will be TAX-FREE at that point.
Lets say I get a modest $230K for it. Plus around $70K I have now in various investment.....I'll have $300K.

AT 40 yrs old, if I was to put that $300K in some account at 6%, it will grow to $993K by the time I'm 60. I surely can retire with that much money, even with inflation.
So between 40 to 60, I don't touch that money at all. I can just work at any place that just keep me afloat(as in rent, bills, etc....).

Between 40 and 60, I can considered myself semi-retired.
I mean I still have to work to pay bills but I wouldn't have to worry about any more savings at all.

Is this too good to be true ??
I know there are more details than that but I tried to simplified things.

Can I be this LAZY and still be set ??
Of course my plan will be derailed if I get married and have kids.
 
Wow, I'd hate to be you.

No point paying off your house fast...tax deductable + low interest = win.
 
Not going to fly. Inflation, even though it should be less that the 6% interest you hope to make will take enough out of the spending power of the $933k that you will not be able to survive on the savings.

You would be better off to leverage the 1st house into another house, and after the renters pay off the mortgage on the second house, you keep renting it out to create income and maybe go around a third time. Rental income is a good way to create a retirement plan. I have three properties now, and will be going for a 4th soon.
 
Originally posted by: D1gger
Not going to fly. Inflation, even though it should be less that the 6% interest you hope to make will take enough out of the spending power of the $933k that you will not be able to survive on the savings.

You would be better off to leverage the 1st house into another house, and after the renters pay off the mortgage on the second house, you keep renting it out to create income and maybe go around a third time. Rental income is a good way to create a retirement plan. I have three properties now, and will be going for a 4th soon.
Click to expand...

:thumbsup::thumbsup:
 
Or you can become a teacher,cop, fire fighter retire at 60 getting 70,000-150,000 a year until your death, and it is adjusted for inflation.
 
if you sell your house you will have to buy another. It will be much higher than today's price for a house.

not to mention, what if you banked all that money, quit your job and got some dumb job just to pay bills, then the economy takes a dive and you lose 75% of your savings?

 
Originally posted by: CTrain
I'm 33 now and I like to retire by 60(its actually 40 and I'll get to that later).
This is without relying in Social Security.

I owe $100K on my house that is worth about $220K now.
I can realistically paid the house off by the time I'm 40.
HOW ??
Well, my sister paids for almost everything and I only paid $50 of my mortgage.
So if I put in an extra $1000 every month, I can have it paid-off in 6.5 yrs.
(even if my sister move out, I can get more by renting the 2 rooms out)

So by the time I'm 40, I'll own the house free and clear.
If I sell the house then, everything will be TAX-FREE at that point.
Lets say I get a modest $230K for it. Plus around $70K I have now in various investment.....I'll have $300K.

AT 40 yrs old, if I was to put that $300K in some account at 6%, it will grow to $993K by the time I'm 60. I surely can retire with that much money, even with inflation.
So between 40 to 60, I don't touch that money at all. I can just work at any place that just keep me afloat(as in rent, bills, etc....).

Between 40 and 60, I can considered myself semi-retired.
I mean I still have to work to pay bills but I wouldn't have to worry about any more savings at all.

Is this too good to be true ??
I know there are more details than that but I tried to simplified things.

Can I be this LAZY and still be set ??
Of course my plan will be derailed if I get married and have kids.
Click to expand...


so your sister is paying a large part of the mortgage but isn't going to be getting an interest in the house? - nice sister 😕

Retirement funds should consist of 1). 401K/Pension and/or IRAs 2). Investments in stock/bonds or real estate 3). Social Security 😉

It also doesn't sound like you are going to be sitting around being "lazy" and waiting to pay off your house. You will have to work to pay off the house. Doesn't sound like lazy to me.
 
You are better off taking all your money and dumping it into a retire fund (401K) now while you are younger. Then by the time you are 60 it will be a lot of money.

Compound Interest FTW!!!
 
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