Pay Off Your Mortgage Early and Retire Happily? It’s PossibleInk Well Mag March 20, 2018 0 COMMENTS
Good money habits are the secret to leading a great life while enabling you to retire in comfort. According to a recent report by the New York Post, you need at least $1.5 million to retire without worries.
This emphasizes the need to develop better money habits. Mortgage lenders in Portland noted that paying for a house is one of the largest household spending in the U.S. Therefore, the ability to pay it off quickly increases the likelihood of a happy and comfortable retirement.
Take an extra job
If you find that your mortgage payment goes over the 30% mark, you're at risk of not have a sufficient nest egg. Rather than take chances, look for ways to increase your cash flow. Picking an extra shift or picking up an extra job can help you bridge this gap.
Don’t settle for making payments on time, but rather strive to pay it off early. If you can channel any extra income towards clearing your home loan, you can be free and clear a few years early. Such a move can save you thousands of dollars that you can add to your retirement funds.
Ask for a pay hike
Make sure you’re being paid what you’re worth. A recent study by PayScale indicates that almost half of the American workforce is underemployed. This indicates that millions of people on the job market are not well utilized. If you happen to fall into this category, it's time to rethink your career choice. Other than looking for a new job, you can pick a new skill or acquire rare and valuable knowledge to gain an edge in the job market.
Paying off your mortgage early is one of the keys to retiring in comfort without carrying a large debt burden. Taking an extra job or any other measure to increase your income can help you achieve this goal.