Long story short, I recently divorced and was left high and dry. I have $80,000 in savings and make $85,000 a year as a 60 year old. I need to purchase a home and will use my savings for the down payment.
I made a flaw by not investing while married (housewife/mom for 2 decades) but I can start now. I plan on working for 7 more years.
Should I focus on buying a $150K house/condo and paying that off ASAP? Or do I pay the minimal and invest? Ideally, I would like to pay off the house by the time I retire and the live off savings and social security. When I brought this up to my brother, he said it would be better to invest in bonds or my employers retirement plan and pay the mortgage and add 100-200 monthly to the principal. It would really help to see the actual numbers but I’m having trouble finding the right calculator for my unique situation.
I really just want to be financially sound by the time I retire. Thanks for any advice.
Submitted November 18, 2021 at 08:49AM by MaryBeth20 https://ift.tt/3qNHbEg
